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Chicago City Wire

Thursday, November 14, 2024

Former teacher Davila paid in $63K to teachers' pension fund, could collect $1.06M in retirement

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Former teacher Blanca Davila, who retired in April 2016, saved $62,538 toward a pension over 15 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Davila would collect as much as $1.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Davila received $22,203 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davila will have already received $68,627 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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