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Chicago City Wire

Saturday, September 28, 2024

Former teacher Ruiz paid in $115K to teachers' pension fund, could collect $2.05M in retirement

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Former teacher Herlinda Ruiz, who retired in October 2016, saved $114,547 toward a pension over 27 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Ruiz would collect as much as $2.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ruiz received $43,064 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ruiz will have already received $133,107 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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