Former state school employee Granback paid in $157K to teachers' pension fund, could collect $3.31M in retirement

Former state school employee Kimberly Granback, who retired in June 2017, saved $157,283 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Granback would collect as much as $3.31 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Granback received $69,594 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Granback will have already received $215,108 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.