Quantcast

Chicago City Wire

Tuesday, December 24, 2024

Former substitute teacher Leavitt paid in $10K to teachers' pension fund, could collect $89K in retirement

Money041

Former substitute teacher Della Leavitt, who retired in November 2016, saved $10,011 toward a pension over 3 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Leavitt would collect as much as $88,556, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Leavitt received $1,861 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Leavitt will have already received $12,040 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS