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Chicago City Wire

Monday, December 23, 2024

Former elementary teacher Smolyanskaya paid in $29K to teachers' pension fund, could collect $666K in retirement

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Former elementary teacher Rima Smolyanskaya, who retired in August 2016, saved $28,602 toward a pension over 8 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Smolyanskaya would collect as much as $665,858, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Smolyanskaya received $13,995 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smolyanskaya will have already received $43,257 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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