Former battalion chief Fox paid in $275K to pension fund, could collect $5.1M in retirement

By Local Labs News Service

Dec 1, 2017

Former battalion chief Michael Fox, who retired in November 2017, saved $275,259 toward a pension over 38 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Fox would collect as much as $5.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Fox received $107,297 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fox will have already received $331,644 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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