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Chicago City Wire

Monday, December 23, 2024

Former substitute teacher Sorsby paid in $18K to teachers' pension fund, could collect $161K in retirement

Money 04

Former substitute teacher Jo Sorsby, who retired in November 2016, saved $17,781 toward a pension over 12 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Sorsby would collect as much as $160,682, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sorsby received $3,377 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Sorsby will have already received $17,926 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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