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Former state school employee Butts paid in $333K to teachers' pension fund, could collect $5.77M in retirement

Schools

By Local Labs News Service | Aug 1, 2016

Money272

Former state school employee John Butts, who retired in July 2016, saved $332,730 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Butts would collect as much as $5.77 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Butts received $121,231 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Butts will have already received $374,713 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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