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Chicago City Wire

Monday, December 23, 2024

Former special education worker Thomas paid in $83K to teachers' pension fund, could collect $1.42M in retirement

Money041

Former special education worker Vernice Thomas, who retired in August 2016, saved $83,184 toward a pension over 15 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Thomas would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Thomas received $29,859 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $92,292 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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