Over 30 years of retirement, Knaack would collect as much as $2.61 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.
The projection assumes Knaack received $54,883 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Knaack will have already received $169,637 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up