Quantcast

Chicago City Wire

Monday, December 23, 2024

Former bilingual teacher Garcia paid in $148K to teachers' pension fund, could collect $2.94M in retirement

Shutterstock 381111379

Former bilingual teacher Norma Garcia, who retired in August 2016, saved $147,807 toward a pension over 33 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Garcia would collect as much as $2.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Garcia received $61,846 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garcia will have already received $191,159 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS