Lake County Gazette

Lake County Gazette

Tuesday, December 10, 2019

Former state school employee Murphy paid in $48K to teachers' pension fund, could collect $1.12M in retirement

Schools

By Local Labs News Service | Sep 1, 2017

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Former state school employee Deanna Murphy, who retired in August 2017, saved $48,339 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Murphy would collect as much as $1.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Murphy received $23,600 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murphy will have already received $72,945 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Beach Park Community Consolidated School District 3

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