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Metro East Sun

Thursday, April 18, 2024

Former state university employee Butler paid in $29K to pension fund, could collect $507K in retirement

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Former state university employee Robbin Butler, who retired in August 2018, saved $29,248 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Butler would collect as much as $506,815, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Butler received $10,652 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Butler will have already received $32,925 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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