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Chicago City Wire

Sunday, September 29, 2024

Former teacher Wojcik paid in $108K to teachers' pension fund, could collect $1.87M in retirement

Money041

Former teacher Carol Wojcik, who retired in December 2016, saved $107,845 toward a pension over 23 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Wojcik would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wojcik received $39,401 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wojcik will have already received $121,784 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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