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Chicago City Wire

Monday, December 23, 2024

Former teacher Rivera paid in $127K to teachers' pension fund, could collect $2.95M in retirement

Money 07

Former teacher Maricela Rivera, who retired in August 2016, saved $127,499 toward a pension over 34 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Rivera would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rivera received $61,957 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rivera will have already received $191,503 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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