Chicago City Wire

Chicago City Wire

Saturday, December 7, 2019

Former bilingual teacher Kim paid in $123K to teachers' pension fund, could collect $1.99M in retirement

Schools

By Local Labs News Service | May 1, 2018

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Former bilingual teacher Joung Kim, who retired in April 2018, saved $123,295 toward a pension over 22 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Kim would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kim received $41,768 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kim will have already received $129,101 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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