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Chicago City Wire

Sunday, November 24, 2024

Former teacher Battaglia paid in $97K to teachers' pension fund, could collect $1.58M in retirement

Money 01

Former teacher Carol Battaglia, who retired in October 2016, saved $97,381 toward a pension over 17 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Battaglia would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Battaglia received $33,273 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Battaglia will have already received $102,843 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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