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North Cook News

Sunday, December 22, 2024

Former teacher Lontoc paid in $67K to teachers' pension fund, could collect $1.2M in retirement

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Former teacher Eleanor Lontoc, who retired in November 2017, saved $67,109 toward a pension over 20 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Lontoc would collect as much as $1.2 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Lontoc received $25,301 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lontoc will have already received $78,203 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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