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Chicago City Wire

Wednesday, December 18, 2024

Former teacher Wilson paid in $101K to teachers' pension fund, could collect $1.89M in retirement

Money 03

Former teacher Robert Wilson, who retired in January 2019, saved $100,550 toward a pension over 21 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Wilson would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wilson received $39,815 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wilson will have already received $123,063 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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