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Chicago City Wire

Friday, April 19, 2024

Former teacher Polk paid in $152K to teachers' pension fund, could collect $3.19M in retirement

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Former teacher Larry Polk, who retired in July 2017, saved $151,761 toward a pension over 34 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Polk would collect as much as $3.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Polk received $67,096 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Polk will have already received $207,387 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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