Basement Beam - Incorrect Addition

Hello – wondering if any of you can advise on this. Pulled down drywall in basement to get to leaking foundation wall crack and decided to just redo the entire wall. Got to the beam and saw this. Original 3pieces of the beam are in the concrete pocket but the additional 2 just seem to be floating there. The framing the original owners did on the house is junk and the vertical post isn’t even touching the beam.

I’ve included a picture of the other end of the beam as well just in case
http://tinypic.com/view.php?pic=b638yt&s=8 underside
http://tinypic.com/view.php?pic=midv8z&s=8 side
http://tinypic.com/view.php?pic=2urw5mb&s=8 other end
http://tinypic.com/view.php?pic=211tksl&s=8 possible framing option

Would a lally/telepost be needed beside the foundation wall to support this or is it sufficient to build a pocket for the beam in the new framing (like image attached)

Thanks for the input - hopefully the picture links work!

Couple of things : 1. constructing a column from 2x4’s may work, but consider where the weight is being transfered if not directly over the. Foundation and Footer. If that floor is a 2" dust cap it will break. 2. Telescoping Columns are not allowed in some municipalities. They may require a custom cut and fitted Pipe column with welded plates on each end. You can find a fabricator that can do this on sight.
Ideally pay a local Engineer not architect for a cpl of hours to come out and write you a report. Better safe than sorry.

I question why they needed to add 2 additional 2x to the beam. Did they add load to the beam? Was the existing beam sagging?

I’m not quite sure. it doesn’t look like it was sagging

I recommend you hire a local structural engineer with experience in residential construction.