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Chicago City Wire

Tuesday, April 23, 2024

Former teacher Harris paid in $121K to teachers' pension fund, could collect $2.61M in retirement

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Former teacher Roy Harris, who retired in October 2016, saved $121,487 toward a pension over 30 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Harris would collect as much as $2.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Harris received $54,838 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harris will have already received $169,498 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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