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Peoria Standard

Thursday, December 26, 2024

Former state school employee Morphew paid in $98K to teachers' pension fund, could collect $2.09M in retirement

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Former state school employee Pamela Morphew, who retired in May 2016, saved $98,482 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Morphew would collect as much as $2.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Morphew received $43,985 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Morphew will have already received $135,954 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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