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DeKalb Times

Saturday, November 16, 2024

Former state university employee Murray paid in $83K to pension fund, could collect $1.89M in retirement

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Former state university employee Lawrence Murray, who retired in July 2018, saved $83,119 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murray would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Murray received $39,653 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murray will have already received $122,564 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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