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Chicago City Wire

Monday, December 23, 2024

Former teacher Fields paid in $113K to teachers' pension fund, could collect $1.48M in retirement

Money 05

Former teacher Shirley Fields, who retired in November 2016, saved $112,730 toward a pension over 18 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Fields would collect as much as $1.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Fields received $31,172 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Fields will have already received $130,411 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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