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Will County Gazette

Saturday, April 20, 2024

Former state school employee Murphy paid in $170K to teachers' pension fund, could collect $3.75M in retirement

Money 02

Former state school employee Karen Murphy, who retired in June 2018, saved $170,495 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Murphy would collect as much as $3.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Murphy received $78,892 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murphy will have already received $243,848 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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