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Chicago City Wire

Monday, November 25, 2024

Former assistant principal Gonzalez Jorges paid in $187K to teachers' pension fund, could collect $4.13M in retirement

Money 04

Former assistant principal Luz Gonzalez Jorges, who retired in February 2017, saved $187,057 toward a pension over 35 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Gonzalez Jorges would collect as much as $4.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gonzalez Jorges received $86,709 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gonzalez Jorges will have already received $268,008 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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