Chicago City Wire

Former teacher Elva Smith, who retired in July 2018, saved $105,495 toward a pension over 24 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Smith would collect as much as $2.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Smith received $42,330 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $130,838 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.