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Chicago City Wire

Tuesday, April 16, 2024

Former state school employee Brown paid in $39K to teachers' pension fund, could collect $596K in retirement

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Former state school employee Elizabeth Brown, who retired in June 2018, saved $39,038 toward a pension over 9 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Brown would collect as much as $595,880, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Brown received $12,524 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brown will have already received $52,397 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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