“Your calculation does not show this to be a huge pension now does it. I suspect it is a little low but a good initial estimate.”
No, you misunderstand. That amount is the average current year funding for all current active working teachers. The amount they put away for the future retirement benefits. It is not the retirement benefit!
Ok. That funding is partially from the teachers. If you look at the current avg. pension for a retired Chicago teacher it is not exorbitant.
I’m not sure what conclusions can be drawn from that figure in any case since there are a lot more than 25,000 teachers drawing pensions.