Chicago City Wire

Former elementary teacher Carolyn Gipson, who retired in January 2016, saved $47,931 toward a pension over 7 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Gipson would collect as much as $620,759, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gipson received $13,047 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gipson will have already received $54,582 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.