Chicago City Wire

Chicago City Wire

Friday, February 28, 2020

Former substitute teacher Harris paid in $28K to teachers' pension fund, could collect $312K in retirement

Schools

By Local Labs News Service | Feb 1, 2018

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Former substitute teacher Nancy Harris, who retired in January 2018, saved $28,346 toward a pension over 13 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Harris would collect as much as $311,658, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Harris received $6,550 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Harris will have already received $34,775 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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