Over 30 years of retirement, Stephen would collect as much as $2.92 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.
The projection assumes Stephen received $61,346 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Stephen will have already received $189,614 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up