Chicago City Wire

Chicago City Wire

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Former elementary teacher Garza paid in $44K to teachers' pension fund, could collect $531K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

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Former elementary teacher Maria Garza, who retired in December 2017, saved $44,052 toward a pension over 15 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Garza would collect as much as $531,303, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Garza received $11,167 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Garza will have already received $46,718 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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