Chicago City Wire

Chicago City Wire

Monday, January 20, 2020

Former school nurse Smith paid in $49K to teachers' pension fund, could collect $717K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money836

Former school nurse Bonnie Smith, who retired in December 2017, saved $49,093 toward a pension over 9 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Smith would collect as much as $716,529, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Smith received $15,060 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Smith will have already received $63,005 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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