Over 30 years of retirement, Schmidt would collect as much as $2.88 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.
The projection assumes Schmidt received $60,611 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Schmidt will have already received $187,342 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
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