Chicago City Wire

Chicago City Wire

Sunday, January 19, 2020

Former school counselor O'Connor paid in $63K to teachers' pension fund, could collect $911K in retirement


By Local Labs News Service | Apr 1, 2016

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Former school counselor Joan O'Connor, who retired in March 2016, saved $63,350 toward a pension over 10 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, O'Connor would collect as much as $911,053, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes O'Connor received $19,149 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, O'Connor will have already received $80,111 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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