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Chicago City Wire

Monday, December 23, 2024

Former substitute teacher Jennings paid in $25K to teachers' pension fund, could collect $234K in retirement

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Former substitute teacher William Jennings, who retired in August 2016, saved $24,868 toward a pension over 18 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Jennings would collect as much as $234,432, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Jennings received $4,927 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Jennings will have already received $26,159 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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