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Chicago City Wire

Sunday, November 24, 2024

Former special education worker Riley paid in $51K to teachers' pension fund, could collect $829K in retirement

Money 03

Former special education worker Kathleen Riley, who retired in October 2016, saved $50,828 toward a pension over 12 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Riley would collect as much as $828,531, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Riley received $17,415 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Riley will have already received $53,827 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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