Quantcast

Chicago City Wire

Monday, November 25, 2024

Former teacher Brown paid in $85K to teachers' pension fund, could collect $1.61M in retirement

Shutterstock 443523118

Former teacher Kathryn Brown, who retired in October 2016, saved $85,322 toward a pension over 18 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Brown would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Brown received $33,751 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brown will have already received $104,322 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS