Quantcast

Carbondale Reporter

Friday, April 19, 2024

Former state university employee Morgan paid in $22K to pension fund, could collect $754K in retirement

Shutterstock 249974521

Former state university employee Brad Morgan, who retired in April 2018, saved $21,835 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Morgan would collect as much as $753,925, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Morgan received $15,846 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Morgan will have already received $32,167 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS