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Chicago City Wire

Thursday, December 26, 2024

Former special education worker Carroll paid in $88K to teachers' pension fund, could collect $1.6M in retirement

Money 03

Former special education worker Lois Carroll, who retired in November 2016, saved $88,415 toward a pension over 17 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Carroll would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Carroll received $33,692 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carroll will have already received $104,139 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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