Over 30 years of retirement, Padgett would collect as much as $1.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.
The projection assumes Padgett received $30,661 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 4 years of retirement, Padgett will have already received $128,274 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up