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Chicago City Wire

Monday, December 23, 2024

Former teacher Vargas paid in $63K to teachers' pension fund, could collect $1.39M in retirement

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Former teacher Jesus Vargas, who retired in November 2016, saved $62,839 toward a pension over 22 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Vargas would collect as much as $1.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Vargas received $29,179 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vargas will have already received $90,189 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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