Over 30 years of retirement, Wallace would collect as much as $3.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The projection assumes Wallace received $63,841 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Wallace will have already received $197,326 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
Alerts Sign-up