Chicago City Wire

Former state university employee Kenneth Malatesta, who retired in January 2019, saved $46,269 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Malatesta would collect as much as $631,015, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Malatesta received $13,263 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Malatesta will have already received $55,488 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.