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Chicago City Wire

Sunday, September 29, 2024

Former school counselor Miller paid in $118K to teachers' pension fund, could collect $2.33M in retirement

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Former school counselor Linda Miller, who retired in October 2016, saved $118,382 toward a pension over 25 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Miller would collect as much as $2.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Miller received $49,079 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $151,698 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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