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Chicago City Wire

Friday, April 26, 2024

Former special education worker Johnson paid in $104K to teachers' pension fund, could collect $2.02M in retirement

Money272

Former special education worker Nancy Johnson, who retired in December 2016, saved $103,832 toward a pension over 22 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Johnson would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Johnson received $42,419 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $131,114 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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