Former state school employee Murphy paid in $180K to teachers' pension fund, could collect $3.19M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Judith Murphy, who retired in May 2016, saved $179,728 toward a pension over 31 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 $3.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Murphy received $67,091 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murphy will have already received $207,372 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Lincoln Way Community High School District 210

!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