Quantcast

Chicago City Wire

Thursday, November 14, 2024

Former teacher Rocha paid in $31K to teachers' pension fund, could collect $534K in retirement

Shutterstock 381111379

Former teacher Elvira Rocha, who retired in April 2016, saved $31,382 toward a pension over 7 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Rocha would collect as much as $534,271, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rocha received $11,230 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rocha will have already received $34,711 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS