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Chicago City Wire

Monday, December 23, 2024

Former teacher White paid in $124K to teachers' pension fund, could collect $2.56M in retirement

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Former teacher Jacqueline White, who retired in August 2016, saved $124,253 toward a pension over 28 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, White would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes White received $53,768 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, White will have already received $166,191 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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