Chicago City Wire

Chicago City Wire

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Former substitute teacher Byrd paid in $94K to teachers' pension fund, could collect $1.47M in retirement

Schools

By Local Labs News Service | Oct 1, 2018

Money 04

Former substitute teacher Allen Byrd, who retired in September 2018, saved $93,739 toward a pension over 18 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Byrd would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Byrd received $31,002 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Byrd will have already received $95,824 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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