Chicago City Wire

Chicago City Wire

Monday, January 20, 2020

Former teacher and speech pathologist Merza paid in $117K to teachers' pension fund, could collect $2.17M in retirement

Schools

By Local Labs News Service | Aug 1, 2016

Money 07

Former teacher and speech pathologist Jan Merza, who retired in July 2016, saved $117,380 toward a pension over 22 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Merza would collect as much as $2.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Merza received $45,585 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Merza will have already received $140,900 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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