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Chicago City Wire

Tuesday, December 24, 2024

Former teacher Corriero paid in $60K to teachers' pension fund, could collect $945K in retirement

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Former teacher Janice Corriero, who retired in August 2016, saved $59,659 toward a pension over 14 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Corriero would collect as much as $944,976, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Corriero received $19,862 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Corriero will have already received $61,392 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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