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Chicago City Wire

Sunday, November 24, 2024

Former substitute teacher Singh paid in $7K to teachers' pension fund, could collect $81K in retirement

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Former substitute teacher Balvinder Singh, who retired in October 2016, saved $7,120 toward a pension over 5 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Singh would collect as much as $81,331, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Singh received $1,709 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Singh will have already received $7,149 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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