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Chicago City Wire

Monday, December 23, 2024

Former substitute teacher Batch paid in $13K to teachers' pension fund, could collect $362K in retirement

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Former substitute teacher Albert Batch, who retired in November 2016, saved $12,613 toward a pension over 11 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Batch would collect as much as $361,787, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Batch received $7,604 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Batch will have already received $15,436 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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