Chicago City Wire

Chicago City Wire

Friday, November 15, 2019

Former substitute teacher Johnson paid in $24K to teachers' pension fund, could collect $483K in retirement

Schools

By Local Labs News Service | May 1, 2018

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Former substitute teacher Carolus Johnson, who retired in April 2018, saved $24,287 toward a pension over 17 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Johnson would collect as much as $482,747, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Johnson received $10,146 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $31,360 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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