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Chicago City Wire

Sunday, November 24, 2024

Former teacher Bayles paid in $11K to teachers' pension fund, could collect $85K in retirement

Money 05

Former teacher Stephen Bayles, who retired in October 2016, saved $10,601 toward a pension over 2 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Bayles would collect as much as $84,878, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bayles received $1,784 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Bayles will have already received $11,543 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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