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Chicago City Wire

Thursday, April 25, 2024

Former teacher Hutcherson paid in $22K to teachers' pension fund, could collect $359K in retirement

Money 04

Former teacher Rita Hutcherson, who retired in March 2019, saved $21,800 toward a pension over 8 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Hutcherson would collect as much as $358,699, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hutcherson received $7,539 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hutcherson will have already received $23,302 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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