Chicago City Wire

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

Schools

By Local Labs News Service | Dec 1, 2016

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.

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