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Chicago City Wire

Monday, November 25, 2024

Former substitute teacher Cohen paid in $2K to teachers' pension fund, could collect $39K in retirement

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Former substitute teacher Michelle Cohen, who retired in April 2016, saved $1,590 toward a pension over 1 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Cohen would collect as much as $39,168, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cohen received $823 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cohen will have already received $1,671 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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