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Chicago City Wire

Wednesday, December 25, 2024

Former substitute teacher Koszalka paid in $20K to teachers' pension fund, could collect $232K in retirement

Money 07

Former substitute teacher Christine Koszalka, who retired in November 2016, saved $20,355 toward a pension over 10 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Koszalka would collect as much as $231,976, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Koszalka received $4,875 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Koszalka will have already received $20,395 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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