Chicago City Wire

Chicago City Wire

Monday, February 17, 2020

Former special education worker Kennedy paid in $140K to teachers' pension fund, could collect $1.93M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

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Former special education worker Mary Kennedy, who retired in December 2017, saved $140,431 toward a pension over 21 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Kennedy would collect as much as $1.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kennedy received $40,475 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kennedy will have already received $169,332 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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