Quantcast

Chicago City Wire

Saturday, April 20, 2024

Former teacher Henry paid in $129K to teachers' pension fund, could collect $1.93M in retirement

Shutterstock 121161052

Former teacher Ruth Henry, who retired in April 2018, saved $129,484 toward a pension over 23 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Henry would collect as much as $1.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Henry received $40,610 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Henry will have already received $169,896 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS