Former state school employee Grabbe paid in $112K to teachers' pension fund, could collect $2.92M in retirement

By Rock Island Today Reports

May 1, 2018

Former state school employee Penney Grabbe, who retired in April 2018, saved $112,435 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, Grabbe would collect as much as $2.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Grabbe received $61,416 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Grabbe will have already received $124,674 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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