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Chicago City Wire

Thursday, November 21, 2024

Former teacher Bieniek paid in $34K to teachers' pension fund, could collect $408K in retirement

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Former teacher Elizabeth Bieniek, who retired in November 2018, saved $33,796 toward a pension over 6 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Bieniek would collect as much as $408,152, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bieniek received $8,579 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bieniek will have already received $35,890 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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