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Chicago City Wire

Friday, April 26, 2024

Former teacher Bonaminio paid in $174K to teachers' pension fund, could collect $4.18M in retirement

Money 03

Former teacher Palma Bonaminio, who retired in April 2016, saved $173,818 toward a pension over 34 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Bonaminio would collect as much as $4.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bonaminio received $87,946 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bonaminio will have already received $178,530 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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