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Chicago City Wire

Friday, April 19, 2024

Former teacher Stewart paid in $66K to teachers' pension fund, could collect $1.12M in retirement

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Former teacher Deborah Stewart, who retired in January 2016, saved $66,060 toward a pension over 16 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Stewart would collect as much as $1.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Stewart received $23,493 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stewart will have already received $72,615 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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