Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former grants manager Frazier paid in $117K to teachers' pension fund, could collect $2.89M in retirement

Schools

By Local Labs News Service | May 1, 2018

Money 01

Former grants manager Michelle Frazier, who retired in April 2018, saved $117,479 toward a pension over 29 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Frazier would collect as much as $2.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Frazier received $60,670 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Frazier will have already received $123,160 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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