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Chicago City Wire

Sunday, November 24, 2024

Former teacher Solberg paid in $121K to teachers' pension fund, could collect $2M in retirement

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Former teacher Gary Solberg, who retired in October 2016, saved $120,869 toward a pension over 23 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Solberg would collect as much as $2 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Solberg received $42,080 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Solberg will have already received $130,064 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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