Sangamon Sun

Sangamon Sun

Friday, December 6, 2019

Former state university employee Murray paid in $99K to pension fund, could collect $1.91M in retirement

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By Local Labs News Service | Jul 1, 2018

Money 03

Former state university employee Gregory Murray, who retired in June 2018, saved $99,184 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murray would collect as much as $1.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Murray received $40,095 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murray will have already received $123,930 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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