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Chicago City Wire

Friday, April 19, 2024

Former bilingual teacher Sierra Toro paid in $120K to teachers' pension fund, could collect $1.66M in retirement

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Former bilingual teacher Elena Sierra Toro, who retired in February 2019, saved $120,226 toward a pension over 25 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Sierra Toro would collect as much as $1.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sierra Toro received $34,812 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sierra Toro will have already received $145,640 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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