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Chicago City Wire

Monday, November 25, 2024

Former teacher King paid in $150K to teachers' pension fund, could collect $2.65M in retirement

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Former teacher Denise King, who retired in September 2016, saved $150,076 toward a pension over 32 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, King would collect as much as $2.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes King received $55,618 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, King will have already received $171,911 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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