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Chicago City Wire

Monday, November 25, 2024

Former teacher Swan paid in $146K to teachers' pension fund, could collect $3.24M in retirement

Money 01

Former teacher Betty Jo Swan, who retired in April 2016, saved $145,517 toward a pension over 38 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Swan would collect as much as $3.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Swan received $68,119 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Swan will have already received $210,550 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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