Chicago City Wire

Chicago City Wire

Tuesday, November 12, 2019

Former state university employee Morris paid in $55K to pension fund, could collect $1.58M in retirement

Schools

By Local Labs News Service | Aug 1, 2016

Money041

Former state university employee Nelson Morris, who retired in July 2016, saved $54,902 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Morris would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Morris received $33,264 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Morris will have already received $67,526 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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