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South Central Reporter

Thursday, November 14, 2024

Former state school employee Grubbs paid in $55K to teachers' pension fund, could collect $2.1M in retirement

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Former state school employee George Grubbs, who retired in June 2017, saved $55,082 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Grubbs would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Grubbs received $44,199 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Grubbs will have already received $89,724 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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