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Chicago City Wire

Tuesday, April 23, 2024

Former teacher Witas paid in $149K to teachers' pension fund, could collect $2.82M in retirement

Money 06

Former teacher Linda Witas, who retired in July 2017, saved $149,100 toward a pension over 31 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Witas would collect as much as $2.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Witas received $59,299 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Witas will have already received $183,287 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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