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Peoria Standard

Monday, November 25, 2024

Former state university employee Murray paid in $64K to pension fund, could collect $1.12M in retirement

Money 02

Former state university employee Anna Murray, who retired in March 2017, saved $64,075 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murray would collect as much as $1.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Murray received $23,467 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murray will have already received $72,534 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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