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Chicago City Wire

Wednesday, April 24, 2024

Former substitute teacher Perez paid in $80K to teachers' pension fund, could collect $1.36M in retirement

Money 03

Former substitute teacher Rosa Perez, who retired in February 2017, saved $80,372 toward a pension over 19 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Perez would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Perez received $28,575 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Perez will have already received $88,322 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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