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Chicago City Wire

Thursday, April 25, 2024

Former substitute teacher Esco paid in $13K to teachers' pension fund, could collect $188K in retirement

Money 02

Former substitute teacher Mellody Esco, who retired in February 2019, saved $12,781 toward a pension over 5 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Esco would collect as much as $188,444, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Esco received $3,960 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Esco will have already received $16,567 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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