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Chicago City Wire

Tuesday, December 24, 2024

Former teacher Payne paid in $91K to teachers' pension fund, could collect $1.74M in retirement

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Former teacher Sandra Payne, who retired in August 2016, saved $90,940 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Payne would collect as much as $1.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Payne received $36,519 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Payne will have already received $112,877 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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