Chicago City Wire

Chicago City Wire

Monday, January 20, 2020

Former substitute teacher Soresi paid in $84K to teachers' pension fund, could collect $697K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money 07

Former substitute teacher Francis Soresi, who retired in December 2017, saved $84,430 toward a pension over 24 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Soresi would collect as much as $697,199, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Soresi received $14,654 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Soresi will have already received $94,789 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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