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Chicago City Wire

Friday, April 26, 2024

Former special education worker Kennedy paid in $52K to teachers' pension fund, could collect $655K in retirement

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Former special education worker Maureen Kennedy, who retired in July 2016, saved $52,136 toward a pension over 9 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Kennedy would collect as much as $654,860, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kennedy received $13,764 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kennedy will have already received $57,583 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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