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Chicago City Wire

Thursday, April 25, 2024

Former teacher Quintana Toomey paid in $174K to teachers' pension fund, could collect $3.01M in retirement

Money041

Former teacher Mirtha Quintana Toomey, who retired in October 2017, saved $174,060 toward a pension over 32 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Quintana Toomey would collect as much as $3.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Quintana Toomey received $63,234 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Quintana Toomey will have already received $195,450 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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