Over 30 years of retirement, Smith would collect as much as $571,984, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.
The projection assumes Smith received $12,022 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 5 years of retirement, Smith will have already received $63,827 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
Alerts Sign-up