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Chicago City Wire

Monday, November 25, 2024

Former teacher Mason paid in $44K to teachers' pension fund, could collect $567K in retirement

Money 03

Former teacher Monalu Mason, who retired in April 2016, saved $43,734 toward a pension over 13 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Mason would collect as much as $566,638, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mason received $11,910 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mason will have already received $49,826 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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