Over 30 years of retirement, Smith would collect as much as $288,415, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.
The projection assumes Smith received $6,062 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 4 years of retirement, Smith will have already received $25,361 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up