Chicago City Wire

Former state university employee David Tibbetts, who retired in January 2019, saved $58,696 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tibbetts would collect as much as $766,725, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Tibbetts received $16,116 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Tibbetts will have already received $67,422 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.