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Chicago City Wire

Sunday, November 24, 2024

Former teacher Manobianco paid in $152K to teachers' pension fund, could collect $2.13M in retirement

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Former teacher Vincent Manobianco, who retired in October 2016, saved $152,309 toward a pension over 31 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Manobianco would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Manobianco received $44,733 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Manobianco will have already received $187,146 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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