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Chicago City Wire

Monday, December 23, 2024

Former teacher Scott paid in $107K to teachers' pension fund, could collect $1.97M in retirement

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Former teacher Ruby Scott, who retired in November 2016, saved $106,724 toward a pension over 21 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Scott would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Scott received $41,416 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scott will have already received $128,012 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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