Chicago City Wire

Chicago City Wire

Thursday, January 23, 2020

Former state school employee Parker paid in $62K to teachers' pension fund, could collect $1.08M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

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Former state school employee Kathleen Parker, who retired in December 2017, saved $62,394 toward a pension over 14 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Parker would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Parker received $22,752 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parker will have already received $70,325 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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