Former state school employee Morgan paid in $200K to teachers' pension fund, could collect $4.6M in retirement

By Local Labs News Service

Aug 1, 2016

Former state school employee Richard Morgan, who retired in July 2016, saved $199,872 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, Morgan would collect as much as $4.6 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Morgan received $96,602 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Morgan will have already received $298,587 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Carrier Mills-Stonefort Community Unit School District Board

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