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Chicago City Wire

Monday, November 25, 2024

Former substitute teacher Kaminski paid in $12K to teachers' pension fund, could collect $148K in retirement

Money 06

Former substitute teacher Jerome Kaminski, who retired in February 2017, saved $12,173 toward a pension over 5 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Kaminski would collect as much as $148,287, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kaminski received $3,116 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kaminski will have already received $13,034 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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