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Chicago City Wire

Sunday, September 29, 2024

Former bilingual teacher Gonzalez paid in $116K to teachers' pension fund, could collect $1.81M in retirement

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Former bilingual teacher Armando Gonzalez, who retired in December 2016, saved $116,286 toward a pension over 29 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Gonzalez would collect as much as $1.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gonzalez received $38,042 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gonzalez will have already received $117,583 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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