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Sangamon Sun

Monday, May 20, 2024

Former state university employee Brumfiel paid in $69K to pension fund, could collect $1.23M in retirement

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Former state university employee Byron Brumfiel, who retired in January 2016, saved $68,696 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brumfiel would collect as much as $1.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brumfiel received $25,791 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brumfiel will have already received $79,718 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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