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Chicago City Wire

Sunday, December 22, 2024

Former state school employee Malecki paid in $38K to teachers' pension fund, could collect $645K in retirement

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Former state school employee Judith Malecki, who retired in April 2017, saved $37,544 toward a pension over 21 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Malecki would collect as much as $645,253, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Malecki received $13,562 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Malecki will have already received $41,919 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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