Chicago City Wire

Former state university employee Stephen Holz, who retired in August 2016, saved $123,970 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Holz would collect as much as $1.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Holz received $33,406 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Holz will have already received $139,757 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.