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Chicago City Wire

Tuesday, November 26, 2024

Former elementary teacher Gaiownik paid in $7K to teachers' pension fund, could collect $166K in retirement

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Former elementary teacher Simone Gaiownik, who retired in September 2016, saved $6,973 toward a pension over 3 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Gaiownik would collect as much as $166,241, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gaiownik received $3,494 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gaiownik will have already received $7,093 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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