Quantcast

Chicago City Wire

Sunday, September 29, 2024

Former teacher Williams paid in $110K to teachers' pension fund, could collect $1.86M in retirement

Shutterstock 381111379

Former teacher Carl Williams, who retired in December 2016, saved $110,360 toward a pension over 23 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Williams would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Williams received $39,093 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $120,833 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS