Quantcast

Chicago City Wire

Thursday, April 25, 2024

Former part-time teacher Sayigh paid in $85K to teachers' pension fund, could collect $1.29M in retirement

Shutterstock 469426916

Former part-time teacher Sara Sayigh, who retired in January 2018, saved $84,847 toward a pension over 14 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Sayigh would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sayigh received $27,034 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sayigh will have already received $113,099 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS