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Chicago City Wire

Monday, May 20, 2024

Former bilingual teacher Guzman paid in $118K to teachers' pension fund, could collect $2M in retirement

Money041

Former bilingual teacher Myriam Guzman, who retired in January 2016, saved $117,782 toward a pension over 23 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Guzman would collect as much as $2 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Guzman received $42,036 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Guzman will have already received $129,929 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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