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Chicago City Wire

Friday, April 26, 2024

Former special education worker Anderson paid in $134K to teachers' pension fund, could collect $3.15M in retirement

Money 08

Former special education worker Mildred Anderson, who retired in July 2016, saved $133,910 toward a pension over 38 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Anderson would collect as much as $3.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Anderson received $66,289 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Anderson will have already received $134,567 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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