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Chicago City Wire

Monday, November 25, 2024

Former teacher Vines paid in $57K to teachers' pension fund, could collect $1.02M in retirement

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Former teacher Daniel Vines, who retired in September 2016, saved $57,473 toward a pension over 12 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Vines would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Vines received $21,492 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vines will have already received $66,430 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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