Chicago City Wire

Chicago City Wire

Thursday, February 27, 2020

Former state university employee Murray paid in $23K to pension fund, could collect $377K in retirement


By Local Labs News Service | Apr 1, 2019

Money 07

Former state university employee Gregory Murray, who retired in March 2019, saved $22,748 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murray would collect as much as $377,368, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Murray received $7,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murray will have already received $24,517 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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