Over 30 years of retirement, Jones would collect as much as $1.54 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.
The projection assumes Jones received $32,420 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 4 years of retirement, Jones will have already received $135,635 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up