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Chicago City Wire

Tuesday, April 23, 2024

Former teacher Carroll paid in $149K to teachers' pension fund, could collect $2.52M in retirement

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Former teacher Dennis Carroll, who retired in March 2019, saved $148,500 toward a pension over 25 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Carroll would collect as much as $2.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Carroll received $53,006 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carroll will have already received $163,836 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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