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Carbondale Reporter

Friday, April 26, 2024

Former state university employee Buhman paid in $105K to pension fund, could collect $1.8M in retirement

Money041

Former state university employee Stephen Buhman, who retired in January 2019, saved $104,627 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Buhman would collect as much as $1.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Buhman received $37,872 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Buhman will have already received $117,058 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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