Quantcast

Chicago City Wire

Friday, May 17, 2024

Former teacher Ross paid in $30K to teachers' pension fund, could collect $354K in retirement

Shutterstock 443523118

Former teacher Crandall Ross, who retired in April 2016, saved $29,736 toward a pension over 5 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Ross would collect as much as $354,305, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ross received $7,447 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Ross will have already received $31,154 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS