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Chicago City Wire

Tuesday, April 23, 2024

Former substitute teacher Beltran paid in $36K to teachers' pension fund, could collect $589K in retirement

Money 01

Former substitute teacher Santos Beltran, who retired in March 2019, saved $36,182 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Beltran would collect as much as $588,842, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Beltran received $12,377 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Beltran will have already received $38,255 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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