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Chicago City Wire

Tuesday, December 24, 2024

Former teacher O'Donnell paid in $96K to teachers' pension fund, could collect $1.9M in retirement

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Former teacher Kathleen O'Donnell, who retired in August 2016, saved $96,462 toward a pension over 22 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, O'Donnell would collect as much as $1.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes O'Donnell received $39,883 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, O'Donnell will have already received $123,273 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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