Chicago City Wire

Chicago City Wire

Monday, November 18, 2019

Former state university employee Butler paid in $17K to pension fund, could collect $741K in retirement


By Local Labs News Service | May 1, 2017

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Former state university employee Oterio Butler, who retired in April 2017, saved $17,397 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Butler would collect as much as $740,560, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Butler received $15,566 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Butler will have already received $31,599 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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