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Metro East Sun

Monday, June 17, 2024

Former state school employee Murry paid in $141K to teachers' pension fund, could collect $2.63M in retirement

Money 03

Former state school employee Frances Murry, who retired in June 2017, saved $141,189 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Murry would collect as much as $2.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Murry received $55,345 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murry will have already received $171,065 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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