Quantcast

Chicago City Wire

Monday, December 23, 2024

Former teacher Bilal paid in $82K to teachers' pension fund, could collect $1.39M in retirement

Shutterstock 267646277

Former teacher Evelyn Bilal, who retired in November 2016, saved $82,365 toward a pension over 17 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Bilal would collect as much as $1.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bilal received $29,320 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bilal will have already received $90,626 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS