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Carbondale Reporter

Friday, April 19, 2024

Former state university employee Murphy paid in $10K to pension fund, could collect $527K in retirement

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Former state university employee Michael Murphy, who retired in November 2016, saved $10,313 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murphy would collect as much as $526,808, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Murphy received $11,073 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Murphy will have already received $11,073 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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