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Chicago City Wire

Tuesday, November 26, 2024

Former substitute teacher Gonzalez paid in $29K to teachers' pension fund, could collect $417K in retirement

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Former substitute teacher Jose Gonzalez, who retired in February 2017, saved $29,006 toward a pension over 10 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Gonzalez would collect as much as $417,095, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gonzalez received $8,767 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gonzalez will have already received $36,678 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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