Chicago City Wire

Chicago City Wire

Wednesday, November 20, 2019

Former state school employee Grady paid in $20K to teachers' pension fund, could collect $217K in retirement

Schools

By Local Labs News Service | May 1, 2018

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Former state school employee Sharon Grady, who retired in April 2018, saved $19,576 toward a pension over 3 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Grady would collect as much as $216,727, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Grady received $4,555 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Grady will have already received $24,185 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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