Over 30 years of retirement, Allen McGhee would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The projection assumes Allen McGhee received $42,856 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 4 years of retirement, Allen McGhee will have already received $179,294 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up