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Chicago City Wire

Wednesday, April 24, 2024

Former principal Miller paid in $138K to teachers' pension fund, could collect $2.08M in retirement

Money 07

Former principal Richard Miller, who retired in August 2016, saved $138,261 toward a pension over 15 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Miller would collect as much as $2.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Miller received $43,712 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Miller will have already received $182,874 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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