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Chicago City Wire

Friday, April 26, 2024

Former teacher Mate paid in $131K to teachers' pension fund, could collect $1.99M in retirement

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Former teacher Dolores Mate, who retired in July 2016, saved $130,984 toward a pension over 26 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Mate would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mate received $41,760 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mate will have already received $174,708 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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