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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Morris paid in $189K to teachers' pension fund, could collect $2.98M in retirement

Money 06

Former state school employee Anne Morris, who retired in September 2016, saved $188,509 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, Morris would collect as much as $2.98 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Morris received $62,578 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Morris will have already received $193,422 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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