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Chicago City Wire

Sunday, November 24, 2024

Former teacher Cumpian paid in $82K to teachers' pension fund, could collect $1.16M in retirement

Money 03

Former teacher Carlos Cumpian, who retired in October 2016, saved $82,031 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Cumpian would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cumpian received $24,301 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cumpian will have already received $101,666 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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