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Chicago City Wire

Wednesday, December 25, 2024

Former teacher Persons paid in $154K to teachers' pension fund, could collect $3.26M in retirement

Money 04

Former teacher Pamela Persons, who retired in November 2016, saved $154,019 toward a pension over 44 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Persons would collect as much as $3.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Persons received $68,575 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Persons will have already received $211,958 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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