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Chicago City Wire

Monday, November 25, 2024

Former principal Langer paid in $167K to teachers' pension fund, could collect $4.14M in retirement

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Former principal Odette Langer, who retired in April 2016, saved $167,059 toward a pension over 44 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Langer would collect as much as $4.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Langer received $86,920 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Langer will have already received $176,448 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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