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Chicago City Wire

Thursday, April 25, 2024

Former principal Zimmerman paid in $166K to teachers' pension fund, could collect $3.02M in retirement

Money041

Former principal Peter Zimmerman, who retired in August 2016, saved $165,542 toward a pension over 24 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Zimmerman would collect as much as $3.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Zimmerman received $63,492 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zimmerman will have already received $196,248 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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