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North Cook News

Sunday, December 22, 2024

Former teacher Kelly paid in $42K to teachers' pension fund, could collect $659K in retirement

Money 01

Former teacher Cherlyn Kelly, who retired in October 2017, saved $42,490 toward a pension over 13 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Kelly would collect as much as $659,072, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Kelly received $13,853 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelly will have already received $42,819 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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