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Chicago City Wire

Monday, December 23, 2024

Former military instructor Condrella paid in $108K to teachers' pension fund, could collect $2.09M in retirement

Money759

Former military instructor Michael Condrella, who retired in August 2016, saved $107,672 toward a pension over 25 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Condrella would collect as much as $2.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Condrella received $44,016 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Condrella will have already received $136,048 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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