Chicago City Wire

Former state university employee Joel Cutcher Gershenfeld, who retired in January 2016, saved $170,651 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cutcher Gershenfeld would collect as much as $2.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cutcher Gershenfeld received $50,258 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cutcher Gershenfeld will have already received $210,262 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.