Quantcast

Chicago City Wire

Thursday, December 26, 2024

Former teacher Verbrick paid in $112K to teachers' pension fund, could collect $1.74M in retirement

Shutterstock 197358977

Former teacher Patrick Verbrick, who retired in November 2016, saved $112,219 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Verbrick would collect as much as $1.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Verbrick received $36,475 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Verbrick will have already received $112,740 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS