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Chicago City Wire

Monday, December 23, 2024

Former special education worker Hawes paid in $149K to teachers' pension fund, could collect $3.31M in retirement

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Former special education worker Deborah Hawes, who retired in August 2016, saved $148,886 toward a pension over 33 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Hawes would collect as much as $3.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hawes received $69,645 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hawes will have already received $215,265 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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