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Sangamon Sun

Monday, November 25, 2024

Former state university employee Murphy paid in $154K to pension fund, could collect $2.69M in retirement

Money759

Former state university employee Colleen Murphy, who retired in January 2017, saved $154,054 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murphy would collect as much as $2.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Murphy received $56,550 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murphy will have already received $174,791 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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