Over 30 years of retirement, Nichols would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.
The projection assumes Nichols received $41,731 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Nichols will have already received $128,986 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up