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Chicago City Wire

Wednesday, May 8, 2024

Former teacher Hicks paid in $146K to teachers' pension fund, could collect $2.31M in retirement

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Former teacher David Hicks, who retired in October 2017, saved $145,659 toward a pension over 26 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Hicks would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hicks received $48,476 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hicks will have already received $149,834 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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