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Chicago City Wire

Monday, December 23, 2024

Former teacher Hidalgo paid in $128K to teachers' pension fund, could collect $2.81M in retirement

Money 04

Former teacher Lillian Hidalgo, who retired in November 2016, saved $127,656 toward a pension over 32 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Hidalgo would collect as much as $2.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hidalgo received $59,160 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hidalgo will have already received $182,858 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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