Over 30 years of retirement, Gillespie would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.
The projection assumes Gillespie received $31,475 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 4 years of retirement, Gillespie will have already received $131,680 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up