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Chicago City Wire

Sunday, September 29, 2024

Former substitute teacher Rybicki paid in $102K to teachers' pension fund, could collect $1.46M in retirement

Money 03

Former substitute teacher Gary Rybicki, who retired in December 2016, saved $102,373 toward a pension over 18 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Rybicki would collect as much as $1.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rybicki received $30,759 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Rybicki will have already received $128,684 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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