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Chicago City Wire

Tuesday, April 30, 2024

Former teacher Durham paid in $54K to teachers' pension fund, could collect $832K in retirement

Money272

Former teacher Lucille Durham, who retired in February 2016, saved $53,520 toward a pension over 11 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Durham would collect as much as $831,822, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Durham received $17,484 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Durham will have already received $54,042 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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