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Chicago City Wire

Monday, December 23, 2024

Former teacher Clark paid in $107K to teachers' pension fund, could collect $1.25M in retirement

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Former teacher Nancy Clark, who retired in November 2016, saved $107,014 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Clark would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Clark received $26,339 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Clark will have already received $110,192 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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