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Sangamon Sun

Sunday, November 24, 2024

Former fire engineer Quinn paid in $106K to pension fund, could collect $3.78M in retirement

Money 04

Former fire engineer Kevin Quinn, who retired in November 2017, saved $105,853 toward a pension over 39 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Quinn would collect as much as $3.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Quinn received $79,416 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Quinn will have already received $161,214 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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