Chicago City Wire

Chicago City Wire

Monday, January 20, 2020

Former substitute teacher Raimo paid in $22K to teachers' pension fund, could collect $255K in retirement


By Local Labs News Service | Jan 1, 2018

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Former substitute teacher Michael Raimo, who retired in December 2017, saved $22,352 toward a pension over 11 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Raimo would collect as much as $255,257, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Raimo received $5,365 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Raimo will have already received $22,446 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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