Chicago City Wire

Former state university employee Walter Lotz, who retired in April 2016, saved $55,215 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lotz would collect as much as $902,303, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lotz received $18,965 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lotz will have already received $58,619 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.