Chicago City Wire

Chicago City Wire

Sunday, November 17, 2019

Former teacher Jefferson paid in $108K to teachers' pension fund, could collect $2.27M in retirement

Schools

By Local Labs News Service | Mar 1, 2019

Money 04

Former teacher La Jefferson, who retired in February 2019, saved $107,563 toward a pension over 24 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Jefferson would collect as much as $2.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Jefferson received $47,636 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jefferson will have already received $147,238 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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