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Chicago City Wire

Monday, November 25, 2024

Former teacher Hall paid in $38K to teachers' pension fund, could collect $601K in retirement

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Former teacher Shirley Hall, who retired in April 2016, saved $38,441 toward a pension over 9 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Hall would collect as much as $600,665, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hall received $12,625 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hall will have already received $39,023 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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