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Chicago City Wire

Saturday, April 20, 2024

Former substitute teacher Burtin Norals paid in $21K to teachers' pension fund, could collect $286K in retirement

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Former substitute teacher Lorenzo Burtin Norals, who retired in October 2017, saved $21,399 toward a pension over 16 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Burtin Norals would collect as much as $286,356, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Burtin Norals received $6,019 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Burtin Norals will have already received $25,183 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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