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Chicago City Wire

Friday, April 26, 2024

Former teacher Yerkes paid in $10K to teachers' pension fund, could collect $141K in retirement

Money 06

Former teacher Sally Yerkes, who retired in April 2018, saved $10,106 toward a pension over 5 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Yerkes would collect as much as $140,736, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Yerkes received $2,958 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Yerkes will have already received $12,375 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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