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Chicago City Wire

Monday, December 23, 2024

Former principal Garcia paid in $198K to teachers' pension fund, could collect $4.88M in retirement

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Former principal Frances Garcia, who retired in August 2016, saved $198,435 toward a pension over 37 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Garcia would collect as much as $4.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Garcia received $102,609 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Garcia will have already received $208,296 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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