Quantcast

Chicago City Wire

Tuesday, April 23, 2024

Former teacher Turk paid in $119K to teachers' pension fund, could collect $1.68M in retirement

Money 07

Former teacher Patrice Turk, who retired in July 2016, saved $119,475 toward a pension over 17 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Turk would collect as much as $1.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Turk received $35,363 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Turk will have already received $147,947 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS