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Chicago City Wire

Sunday, December 22, 2024

Former teacher Almazan paid in $20K to teachers' pension fund, could collect $277K in retirement

Money 03

Former teacher Manuel Almazan, who retired in July 2017, saved $19,560 toward a pension over 6 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Almazan would collect as much as $277,159, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Almazan received $5,825 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Almazan will have already received $24,370 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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