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Chicago City Wire

Thursday, April 18, 2024

Former elementary teacher Seeley paid in $30K to teachers' pension fund, could collect $392K in retirement

Money 01

Former elementary teacher Debra Seeley, who retired in November 2018, saved $30,104 toward a pension over 10 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Seeley would collect as much as $392,483, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Seeley received $8,249 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Seeley will have already received $34,510 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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