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South Cook News

Thursday, April 25, 2024

Former state school employee Morris paid in $109K to teachers' pension fund, could collect $2.04M in retirement

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Former state school employee Sharon Morris, who retired in June 2018, saved $108,635 toward a pension over 33 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 $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Morris received $42,788 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Morris will have already received $132,254 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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