Chicago City Wire

Chicago City Wire

Tuesday, November 19, 2019

Former school social worker Garrett paid in $163K to teachers' pension fund, could collect $2.56M in retirement

Schools

By Local Labs News Service | Aug 1, 2017

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Former school social worker Valerie Garrett, who retired in July 2017, saved $163,248 toward a pension over 27 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Garrett would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Garrett received $53,831 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garrett will have already received $166,386 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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