Over 30 years of retirement, Mark would collect as much as $2.55 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.
The projection assumes Mark received $53,703 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Mark will have already received $165,990 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up