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Chicago City Wire

Tuesday, December 24, 2024

Former special education worker Thomas paid in $118K to teachers' pension fund, could collect $1.62M in retirement

Money 03

Former special education worker Renita Thomas, who retired in November 2016, saved $118,219 toward a pension over 27 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Thomas would collect as much as $1.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Thomas received $34,063 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Thomas will have already received $142,508 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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