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

Schools

By Local Labs News Service | Jan 1, 2018

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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.

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