Quantcast

Metro East Sun

Friday, November 22, 2024

Former state university employee Murphy paid in $70K to pension fund, could collect $1.66M in retirement

Shutterstock 450769633

Former state university employee Kelly Murphy, who retired in January 2016, saved $69,921 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murphy would collect as much as $1.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Murphy received $34,962 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Murphy will have already received $70,973 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS