Over 30 years of retirement, Schmidt would collect as much as $10.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The projection assumes Schmidt received $211,889 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 2 years of retirement, Schmidt will have already received $430,135 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
Alerts Sign-up