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Chicago City Wire

Friday, April 19, 2024

Former school social worker Gonzalez paid in $133K to teachers' pension fund, could collect $2.11M in retirement

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Former school social worker Maria Gonzalez, who retired in March 2016, saved $133,055 toward a pension over 23 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Gonzalez would collect as much as $2.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gonzalez received $44,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gonzalez will have already received $137,290 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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