Over 30 years of retirement, Smith would collect as much as $2.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.
The projection assumes Smith received $48,750 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Smith will have already received $150,682 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up