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Chicago City Wire

Friday, May 3, 2024

Former special education worker Baker paid in $134K to teachers' pension fund, could collect $2.41M in retirement

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Former special education worker Patricia Baker, who retired in February 2016, saved $133,845 toward a pension over 27 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Baker would collect as much as $2.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Baker received $50,554 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baker will have already received $156,258 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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