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Chicago City Wire

Monday, December 23, 2024

Former commandant Baynes paid in $110K to teachers' pension fund, could collect $1.4M in retirement

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Former commandant John Baynes, who retired in August 2016, saved $110,137 toward a pension over 11 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Baynes would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Baynes received $29,339 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Baynes will have already received $122,744 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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