Chicago City Wire

Chicago City Wire

Friday, January 17, 2020

Former bilingual teacher Marrero paid in $98K to teachers' pension fund, could collect $1.68M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money272

Former bilingual teacher Sylvia Marrero, who retired in December 2017, saved $98,013 toward a pension over 18 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Marrero would collect as much as $1.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Marrero received $35,325 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Marrero will have already received $109,187 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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