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Chicago City Wire

Wednesday, April 24, 2024

Former special education worker Calabrese paid in $151K to teachers' pension fund, could collect $2.23M in retirement

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Former special education worker Joseph Calabrese, who retired in April 2018, saved $151,135 toward a pension over 32 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Calabrese would collect as much as $2.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Calabrese received $46,839 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Calabrese will have already received $195,956 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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