Chicago City Wire

Former state university employee Paul Cobia, who retired in November 2017, saved $88,061 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cobia would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cobia received $27,348 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cobia will have already received $114,412 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.