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Chicago City Wire

Sunday, November 24, 2024

Former teacher Brown paid in $50K to teachers' pension fund, could collect $632K in retirement

Money 04

Former teacher Regina Brown, who retired in August 2016, saved $49,718 toward a pension over 10 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Brown would collect as much as $631,590, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Brown received $13,275 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brown will have already received $55,536 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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