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Chambana Sun

Monday, April 28, 2025

Former state university employee Butorac paid in $40K to pension fund, could collect $1.47M in retirement

Money 08

Former state university employee August Butorac, who retired in March 2016, saved $40,058 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Butorac would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Butorac received $30,938 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Butorac will have already received $62,804 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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