Quantcast

Chicago City Wire

Monday, December 23, 2024

Former teacher Smith Allen paid in $134K to teachers' pension fund, could collect $2.41M in retirement

Shutterstock 385535740

Former teacher Diane Smith Allen, who retired in August 2016, saved $134,084 toward a pension over 26 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Smith Allen would collect as much as $2.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Smith Allen received $50,617 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith Allen will have already received $156,453 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS