Chicago City Wire

Chicago City Wire

Thursday, December 12, 2019

Former teacher Martin paid in $123K to teachers' pension fund, could collect $2.99M in retirement


By Local Labs News Service | Jan 1, 2018

Shutterstock 121161052

Former teacher Michael Martin, who retired in December 2017, saved $123,199 toward a pension over 33 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Martin would collect as much as $2.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martin received $62,776 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Martin will have already received $127,435 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Chicago Public Schools ?

Sign-up Next time we write about Chicago Public Schools, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Chicago Public Schools

More News