Former state school employee Griebel paid in $121K to teachers' pension fund, could collect $3.11M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Karen Griebel, who retired in June 2016, saved $120,552 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, Griebel would collect as much as $3.11 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Griebel received $65,323 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Griebel will have already received $132,606 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Schaumburg School District 54

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