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Dupage Policy Journal

Saturday, April 20, 2024

Former state school employee Morris paid in $118K to teachers' pension fund, could collect $2.14M in retirement

Money759

Former state school employee Dawn Morris, who retired in May 2016, saved $118,104 toward a pension over 21 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 $2.14 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Morris received $45,021 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Morris will have already received $139,156 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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