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Chicago City Wire

Friday, April 19, 2024

Former teacher Scott paid in $133K to teachers' pension fund, could collect $2.25M in retirement

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Former teacher Sheree Scott, who retired in July 2017, saved $133,231 toward a pension over 25 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Scott would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Scott received $47,383 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scott will have already received $146,455 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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