Former teacher Harvey paid in $132K to teachers' pension fund, could collect $3.18M in retirement

By Local Labs News Service

Jun 1, 2016

Former teacher May Harvey, who retired in May 2016, saved $131,805 toward a pension over 34 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Harvey would collect as much as $3.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Harvey received $66,791 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Harvey will have already received $135,586 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Chicago Public School District 299

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate