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Chicago City Wire

Thursday, April 18, 2024

Former bilingual teacher Amaro paid in $110K to teachers' pension fund, could collect $2.16M in retirement

Money 02

Former bilingual teacher Laura Amaro, who retired in August 2016, saved $109,738 toward a pension over 24 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Amaro would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Amaro received $45,416 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Amaro will have already received $140,375 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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