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Macon Reporter

Sunday, November 24, 2024

Former state university employee Morrow paid in $119K to pension fund, could collect $3.97M in retirement

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Former state university employee Thomas Morrow, who retired in June 2017, saved $119,040 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Morrow would collect as much as $3.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Morrow received $83,551 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Morrow will have already received $169,609 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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