Over 30 years of retirement, Phipps would collect as much as $681,226, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The projection assumes Phipps received $14,318 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 2 years of retirement, Phipps will have already received $29,066 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
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