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Chicago City Wire

Sunday, September 29, 2024

Former principal Flowers paid in $174K to teachers' pension fund, could collect $4.45M in retirement

Money041

Former principal Shelton Flowers, who retired in December 2016, saved $174,107 toward a pension over 32 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Flowers would collect as much as $4.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Flowers received $93,596 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Flowers will have already received $190,000 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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