Chicago City Wire

Former teacher Sheron Banks Fallis, who retired in February 2018, saved $83,593 toward a pension over 11 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Banks Fallis would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Banks Fallis received $25,117 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Banks Fallis will have already received $105,081 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.