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Chicago City Wire

Friday, April 26, 2024

Former school nurse Byrne paid in $116K to teachers' pension fund, could collect $1.84M in retirement

Money 03

Former school nurse Nancy Byrne, who retired in January 2018, saved $115,920 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Byrne would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Byrne received $38,677 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Byrne will have already received $119,546 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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