Over 30 years of retirement, Phelps would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.
The projection assumes Phelps received $47,368 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Phelps will have already received $146,410 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.
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