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Chicago City Wire

Tuesday, December 24, 2024

Former state school employee Green paid in $36K to teachers' pension fund, could collect $821K in retirement

Money 03

Former state school employee William Green, who retired in November 2016, saved $36,149 toward a pension over 10 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Green would collect as much as $821,054, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Green received $17,257 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Green will have already received $53,340 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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