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Chicago City Wire

Friday, April 19, 2024

Former assistant principal Zalon paid in $140K to teachers' pension fund, could collect $2.62M in retirement

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Former assistant principal Patricia Zalon, who retired in August 2018, saved $140,474 toward a pension over 21 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Zalon would collect as much as $2.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Zalon received $55,097 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zalon will have already received $170,300 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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