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Chambana Sun

Saturday, November 23, 2024

Former state school employee Murdoch paid in $101K to teachers' pension fund, could collect $1.71M in retirement

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Former state school employee Thomas Murdoch, who retired in May 2016, saved $101,345 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Murdoch would collect as much as $1.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Murdoch received $35,987 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murdoch will have already received $111,233 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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