Quantcast

Chicago City Wire

Monday, December 23, 2024

Former state school employee Burns paid in $103K to teachers' pension fund, could collect $1.61M in retirement

Shutterstock 262120544

Former state school employee Elizabeth Burns, who retired in November 2016, saved $102,634 toward a pension over 30 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Burns would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Burns received $33,934 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burns will have already received $104,887 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS