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Chicago City Wire

Tuesday, December 24, 2024

Former school nurse Rhinehart paid in $127K to teachers' pension fund, could collect $2.72M in retirement

Money 05

Former school nurse Celeste Rhinehart, who retired in August 2016, saved $127,165 toward a pension over 31 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Rhinehart would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rhinehart received $57,262 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rhinehart will have already received $176,991 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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