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Chicago City Wire

Monday, November 25, 2024

Former principal Espinoza paid in $229K to teachers' pension fund, could collect $5.42M in retirement

Money 04

Former principal Ana Espinoza, who retired in April 2016, saved $228,968 toward a pension over 35 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Espinoza would collect as much as $5.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Espinoza received $113,885 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Espinoza will have already received $231,187 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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