Former teacher Heags paid in $39K to teachers' pension fund, could collect $555K in retirement

By Local Labs News Service

Mar 1, 2016

Former teacher Deborah Heags, who retired in February 2016, saved $38,673 toward a pension over 7 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Heags would collect as much as $554,731, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Heags received $11,660 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Heags will have already received $48,781 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Chicago Public Schools

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