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Chicago City Wire

Monday, November 25, 2024

Former substitute teacher Yarn paid in $6K to teachers' pension fund, could collect $86K in retirement

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Former substitute teacher Evelyn Yarn, who retired in February 2017, saved $6,448 toward a pension over 5 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Yarn would collect as much as $86,343, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Yarn received $1,814 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Yarn will have already received $7,588 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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