Sangamon Sun

Sangamon Sun

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Former state university employee Buzzell paid in $250K to pension fund, could collect $6.76M in retirement

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By Local Labs News Service | Aug 1, 2018

Money836

Former state university employee Robert Buzzell, who retired in July 2018, saved $250,072 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Buzzell would collect as much as $6.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Buzzell received $142,040 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Buzzell will have already received $288,341 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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