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Chicago City Wire

Wednesday, December 25, 2024

Former teacher Howard paid in $114K to teachers' pension fund, could collect $2.26M in retirement

Money 02

Former teacher Trudi Howard, who retired in November 2016, saved $113,658 toward a pension over 26 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Howard would collect as much as $2.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Howard received $47,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howard will have already received $146,707 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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