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West Cook News

Wednesday, April 17, 2024

Former state university employee Butler paid in $44K to pension fund, could collect $519K in retirement

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Former state university employee Jennifer Butler, who retired in January 2017, saved $43,810 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Butler would collect as much as $518,912, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Butler received $10,907 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Butler will have already received $45,630 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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