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Chicago City Wire

Friday, May 3, 2024

Former bilingual teacher Lopez paid in $166K to teachers' pension fund, could collect $2.78M in retirement

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Former bilingual teacher Milagros Lopez, who retired in February 2016, saved $166,103 toward a pension over 30 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Lopez would collect as much as $2.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lopez received $58,489 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lopez will have already received $180,784 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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