Quantcast

Chicago City Wire

Tuesday, December 24, 2024

Former speech pathologist Drudge paid in $75K to teachers' pension fund, could collect $2.1M in retirement

Shutterstock 121161052

Former speech pathologist William Drudge, who retired in November 2016, saved $75,037 toward a pension over 22 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Drudge would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Drudge received $44,083 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Drudge will have already received $89,488 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS