Over 30 years of retirement, Lutes would collect as much as $925,716, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.
The projection assumes Lutes received $19,457 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Lutes will have already received $60,140 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up