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Chicago City Wire

Friday, April 26, 2024

Former teacher Morton paid in $157K to teachers' pension fund, could collect $2.85M in retirement

Money 07

Former teacher Yolanda Morton, who retired in December 2018, saved $157,065 toward a pension over 32 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Morton would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Morton received $59,948 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Morton will have already received $185,292 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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