Chicago City Wire

Chicago City Wire

Wednesday, February 19, 2020

Former state school employee Phillips paid in $18K to teachers' pension fund, could collect $284K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

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Former state school employee Luretha Phillips, who retired in December 2017, saved $17,867 toward a pension over 3 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Phillips would collect as much as $284,360, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Phillips received $5,977 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Phillips will have already received $18,474 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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