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Chicago City Wire

Tuesday, November 26, 2024

Former elementary teacher Bertoni paid in $40K to teachers' pension fund, could collect $566K in retirement

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Former elementary teacher Richard Bertoni, who retired in February 2017, saved $39,826 toward a pension over 6 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Bertoni would collect as much as $566,411, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bertoni received $11,905 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bertoni will have already received $49,806 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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