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Chicago City Wire

Monday, December 23, 2024

Former teacher Cooper paid in $143K to teachers' pension fund, could collect $2.53M in retirement

Money 04

Former teacher Tamara Cooper, who retired in August 2016, saved $143,007 toward a pension over 28 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Cooper would collect as much as $2.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cooper received $53,203 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cooper will have already received $164,445 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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