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Chicago City Wire

Sunday, November 24, 2024

Former state school employee Windham paid in $101K to teachers' pension fund, could collect $2.14M in retirement

Money759

Former state school employee Debra Windham, who retired in October 2016, saved $100,708 toward a pension over 25 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Windham would collect as much as $2.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Windham received $44,982 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Windham will have already received $139,034 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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