Chicago City Wire

Chicago City Wire

Tuesday, November 19, 2019

Former teacher Sremac paid in $160K to teachers' pension fund, could collect $3.3M in retirement

Schools

By Local Labs News Service | Aug 1, 2017

Money 07

Former teacher Steven Sremac, who retired in July 2017, saved $160,269 toward a pension over 33 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Sremac would collect as much as $3.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sremac received $69,368 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sremac will have already received $214,409 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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