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Chicago City Wire

Friday, April 26, 2024

Former teacher Griffin paid in $170K to teachers' pension fund, could collect $3.4M in retirement

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Former teacher Arthur Griffin, who retired in March 2019, saved $169,599 toward a pension over 34 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Griffin would collect as much as $3.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Griffin received $71,503 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Griffin will have already received $221,008 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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