Chicago City Wire

Former state university employee Stanley Redmond, who retired in January 2016, saved $127,574 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Redmond would collect as much as $2.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Redmond received $47,780 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Redmond will have already received $147,682 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.