Chicago City Wire

Former state university employee Madonna Carr, who retired in March 2016, saved $22,740 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carr would collect as much as $424,719, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Carr received $8,927 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carr will have already received $27,593 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.