Sangamon Sun

Sangamon Sun

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Former state university employee Butcher paid in $18K to pension fund, could collect $331K in retirement

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By Local Labs News Service | Jul 1, 2016

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Former state university employee Mark Butcher, who retired in June 2016, saved $17,652 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Butcher would collect as much as $330,593, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Butcher received $6,948 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Butcher will have already received $21,475 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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