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Chicago City Wire

Monday, December 23, 2024

Former state school employee Kelley paid in $129K to teachers' pension fund, could collect $1.76M in retirement

Money 06

Former state school employee Kevin Kelley, who retired in November 2016, saved $128,507 toward a pension over 13 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Kelley would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kelley received $36,918 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kelley will have already received $154,453 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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