Chicago City Wire

Chicago City Wire

Monday, January 27, 2020

Former teacher Toussaint paid in $3K to teachers' pension fund, could collect $133K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money759

Former teacher Mercedes Toussaint, who retired in December 2017, saved $2,931 toward a pension over 2 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Toussaint would collect as much as $132,795, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Toussaint received $2,791 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Toussaint will have already received $5,666 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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