Over 30 years of retirement, John would collect as much as $2.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.
The projection assumes John received $57,695 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, John will have already received $178,330 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
Alerts Sign-up