Former state school employee Grams paid in $95K to teachers' pension fund, could collect $2.18M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Shannon Grams, who retired in June 2016, saved $94,624 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Grams would collect as much as $2.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Grams received $45,918 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Grams will have already received $141,929 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Millburn Community Consolidated School District 24

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