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Chicago City Wire

Friday, December 27, 2024

Former teacher Kane paid in $126K to teachers' pension fund, could collect $1.96M in retirement

Money041

Former teacher Noreen Kane, who retired in November 2016, saved $126,154 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Kane would collect as much as $1.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kane received $41,163 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kane will have already received $127,231 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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