Quantcast

Chicago City Wire

Sunday, September 29, 2024

Former special education worker Walton paid in $138K to teachers' pension fund, could collect $2M in retirement

Money836

Former special education worker Rochel Walton, who retired in December 2016, saved $138,430 toward a pension over 29 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Walton would collect as much as $2 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Walton received $42,092 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Walton will have already received $176,099 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS