Over 30 years of retirement, Smith would collect as much as $499,718, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.
The projection assumes Smith received $10,503 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Smith will have already received $32,464 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
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