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Chicago City Wire

Wednesday, December 25, 2024

Former teacher Andriamahefa paid in $61K to teachers' pension fund, could collect $780K in retirement

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Former teacher Rakotonirina Andriamahefa, who retired in November 2016, saved $61,480 toward a pension over 9 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Andriamahefa would collect as much as $779,655, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Andriamahefa received $16,387 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Andriamahefa will have already received $68,558 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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