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Chicago City Wire

Sunday, November 24, 2024

Former teacher Thomas paid in $86K to teachers' pension fund, could collect $1.38M in retirement

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Former teacher Ronald Thomas, who retired in October 2016, saved $86,120 toward a pension over 15 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Thomas would collect as much as $1.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Thomas received $29,010 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $89,666 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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