Over 30 years of retirement, Bormann would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.
The projection assumes Bormann received $29,947 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Bormann will have already received $92,562 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
Alerts Sign-up