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DeKalb Times

Thursday, November 7, 2024

Former state university employee Murphy paid in $139K to pension fund, could collect $2.68M in retirement

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Former state university employee James Murphy, who retired in October 2018, saved $138,972 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murphy would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Murphy received $56,328 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murphy will have already received $174,105 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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