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Chicago City Wire

Friday, April 26, 2024

Former substitute teacher Weinstein paid in $4K to teachers' pension fund, could collect $44K in retirement

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Former substitute teacher Paul Weinstein, who retired in September 2016, saved $3,813 toward a pension over 2 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Weinstein would collect as much as $44,184, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Weinstein received $928 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Weinstein will have already received $3,884 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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