Over 30 years of retirement, McDermott would collect as much as $2.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The projection assumes McDermott received $62,748 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, McDermott will have already received $193,947 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
Alerts Sign-up