Over 30 years of retirement, Hovanec would collect as much as $3.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The projection assumes Hovanec received $77,697 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Hovanec will have already received $240,154 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
Alerts Sign-up