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Chicago City Wire

Friday, December 27, 2024

Former teacher Murrar paid in $4K to teachers' pension fund, could collect $104K in retirement

Money 01

Former teacher Zita Murrar, who retired in November 2016, saved $4,329 toward a pension over 1 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Murrar would collect as much as $104,376, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Murrar received $2,193 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Murrar will have already received $4,452 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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