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Chicago City Wire

Saturday, May 4, 2024

Former substitute teacher Stewart paid in $100K to teachers' pension fund, could collect $1.86M in retirement

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Former substitute teacher Karon Stewart, who retired in February 2016, saved $99,894 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Stewart would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Stewart received $39,148 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stewart will have already received $121,002 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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