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Chicago City Wire

Monday, August 4, 2025

Former teacher Sparks paid in $38K to teachers' pension fund, could collect $622K in retirement

Money 02

Former teacher Melba Sparks, who retired in July 2018, saved $37,828 toward a pension over 16 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Sparks would collect as much as $622,275, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sparks received $13,079 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sparks will have already received $40,425 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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