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West Cook News

Friday, November 22, 2024

Former state school employee Morris paid in $158K to teachers' pension fund, could collect $3.85M in retirement

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Former state school employee Loretta Morris, who retired in May 2016, saved $157,720 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Morris would collect as much as $3.85 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Morris received $80,829 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Morris will have already received $164,083 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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