Chicago City Wire

Chicago City Wire

Thursday, December 12, 2019

Former special education worker Palmer paid in $51K to teachers' pension fund, could collect $772K in retirement


By Local Labs News Service | Jan 1, 2018

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Former special education worker Janice Palmer, who retired in December 2017, saved $50,904 toward a pension over 8 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Palmer would collect as much as $772,037, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Palmer received $16,227 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Palmer will have already received $67,887 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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