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Chicago City Wire

Monday, December 23, 2024

Former state school employee Henderson paid in $129K to teachers' pension fund, could collect $2.21M in retirement

Money 08

Former state school employee Sabrina Henderson, who retired in August 2016, saved $129,253 toward a pension over 24 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Henderson would collect as much as $2.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Henderson received $46,484 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Henderson will have already received $143,678 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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