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Chicago City Wire

Friday, April 19, 2024

Former high school teacher Dunn paid in $17K to teachers' pension fund, could collect $426K in retirement

Money 08

Former high school teacher Carol Dunn, who retired in August 2018, saved $16,504 toward a pension over 5 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Dunn would collect as much as $426,355, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Dunn received $8,961 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dunn will have already received $18,191 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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