Quantcast

Chicago City Wire

Monday, May 20, 2024

Former high school teacher Zion paid in $48K to teachers' pension fund, could collect $880K in retirement

Money 02

Former high school teacher Rachel Zion, who retired in January 2016, saved $47,842 toward a pension over 17 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Zion would collect as much as $879,611, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Zion received $18,488 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zion will have already received $57,145 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS