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Chicago City Wire

Friday, April 19, 2024

Former teacher Davis paid in $39K to teachers' pension fund, could collect $518K in retirement

Money041

Former teacher Mettrice Davis, who retired in July 2017, saved $38,564 toward a pension over 12 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Davis would collect as much as $518,151, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Davis received $10,891 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Davis will have already received $45,566 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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