Former teacher McDonald paid in $145K to teachers' pension fund, could collect $2.67M in retirement

By Local Labs News Service

Mar 1, 2016

Former teacher Venita McDonald, who retired in February 2016, saved $145,127 toward a pension over 27 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, McDonald would collect as much as $2.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McDonald received $56,046 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McDonald will have already received $173,232 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Chicago Public School District 299

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