Over 30 years of retirement, Allen Wade would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.
The projection assumes Allen Wade received $36,956 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 2 years of retirement, Allen Wade will have already received $75,021 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.