Chicago City Wire

Chicago City Wire

Wednesday, November 20, 2019

Former teacher Lopez paid in $102K to teachers' pension fund, could collect $1.89M in retirement

Schools

By Local Labs News Service | Aug 1, 2017

Money041

Former teacher Lenore Lopez, who retired in July 2017, saved $102,303 toward a pension over 21 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Lopez would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lopez received $39,690 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lopez will have already received $122,678 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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