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Chicago City Wire

Sunday, November 24, 2024

Former teacher Tomczyk paid in $173K to teachers' pension fund, could collect $3.08M in retirement

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Former teacher Thomas Tomczyk, who retired in October 2016, saved $173,430 toward a pension over 47 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Tomczyk would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Tomczyk received $64,672 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tomczyk will have already received $199,894 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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