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Chicago City Wire

Friday, April 26, 2024

Former teacher Harker paid in $49K to teachers' pension fund, could collect $740K in retirement

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Former teacher Carol Harker, who retired in March 2019, saved $48,589 toward a pension over 9 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Harker would collect as much as $739,561, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Harker received $15,545 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Harker will have already received $65,033 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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