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Chicago City Wire

Monday, December 23, 2024

Former teacher Chico paid in $127K to teachers' pension fund, could collect $2.55M in retirement

Money 06

Former teacher Carol Chico, who retired in August 2016, saved $127,178 toward a pension over 26 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Chico would collect as much as $2.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chico received $53,610 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chico will have already received $165,703 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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