Over 30 years of retirement, Ellis Schuetz would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.
The projection assumes Ellis Schuetz received $32,940 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Ellis Schuetz will have already received $101,814 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.