Over 30 years of retirement, Phelan would collect as much as $5.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The projection assumes Phelan received $117,539 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Phelan will have already received $363,301 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
Alerts Sign-up