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Chicago City Wire

Thursday, April 18, 2024

Former teacher Davis paid in $23K to teachers' pension fund, could collect $323K in retirement

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Former teacher George Davis, who retired in April 2017, saved $23,295 toward a pension over 7 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Davis would collect as much as $323,315, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Davis received $6,795 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Davis will have already received $28,428 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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