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Chicago City Wire

Tuesday, April 23, 2024

Former state school employee Lewis paid in $203K to teachers' pension fund, could collect $4.74M in retirement

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Former state school employee Karen Lewis, who retired in August 2018, saved $203,158 toward a pension over 30 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Lewis would collect as much as $4.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lewis received $99,537 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lewis will have already received $307,659 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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