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Chicago City Wire

Tuesday, April 23, 2024

Former teacher Wilson paid in $145K to teachers' pension fund, could collect $3.06M in retirement

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Former teacher Janita Wilson, who retired in July 2017, saved $144,993 toward a pension over 32 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Wilson would collect as much as $3.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wilson received $64,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wilson will have already received $198,511 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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