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Chicago City Wire

Sunday, December 22, 2024

Former teacher Andry paid in $28K to teachers' pension fund, could collect $389K in retirement

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Former teacher Mamie Andry, who retired in February 2018, saved $27,999 toward a pension over 6 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Andry would collect as much as $389,462, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Andry received $8,186 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Andry will have already received $34,249 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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