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Chicago City Wire

Thursday, April 25, 2024

Former assistant principal Breen paid in $212K to teachers' pension fund, could collect $4.65M in retirement

Money 08

Former assistant principal Edward Breen, who retired in August 2018, saved $212,358 toward a pension over 34 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Breen would collect as much as $4.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Breen received $97,795 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Breen will have already received $302,275 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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