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Chicago City Wire

Tuesday, May 7, 2024

Former school counselor Gardner paid in $156K to teachers' pension fund, could collect $3.61M in retirement

Money 05

Former school counselor Janet Gardner, who retired in March 2019, saved $156,177 toward a pension over 34 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Gardner would collect as much as $3.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gardner received $75,792 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gardner will have already received $234,266 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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