Chicago City Wire

Chicago City Wire

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Former teacher Davis paid in $129K to teachers' pension fund, could collect $2.33M in retirement

Schools

By Local Labs News Service | Aug 1, 2017

Money 07

Former teacher Diane Davis, who retired in July 2017, saved $128,655 toward a pension over 32 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Davis would collect as much as $2.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Davis received $49,047 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davis will have already received $151,599 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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