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Chicago City Wire

Tuesday, November 26, 2024

Former teacher Benjamin paid in $152K to teachers' pension fund, could collect $2.95M in retirement

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Former teacher Patricia Benjamin, who retired in September 2016, saved $152,098 toward a pension over 34 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Benjamin would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Benjamin received $62,041 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Benjamin will have already received $191,762 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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