Quantcast

Chicago City Wire

Thursday, November 14, 2024

Former teacher Wallace paid in $107K to teachers' pension fund, could collect $1.42M in retirement

Shutterstock 249974521

Former teacher John Wallace, who retired in April 2016, saved $107,196 toward a pension over 24 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Wallace would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wallace received $29,762 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wallace will have already received $124,514 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS