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Illinois Valley Times

Sunday, September 29, 2024

Former state school employee Rabel paid in $114K to teachers' pension fund, could collect $1.9M in retirement

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Former state school employee Julie Rabel, who retired in May 2018, saved $114,358 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, Rabel would collect as much as $1.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Rabel received $39,966 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rabel will have already received $123,531 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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