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Chicago City Wire

Sunday, September 29, 2024

Former teacher Revzan paid in $73K to teachers' pension fund, could collect $1.69M in retirement

Money 06

Former teacher Russ Revzan, who retired in October 2016, saved $73,164 toward a pension over 26 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Revzan would collect as much as $1.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Revzan received $35,418 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Revzan will have already received $109,474 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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