Former firefighter Noonan paid in $103K to pension fund, could collect $3.6M in retirement

By Local Labs News Service

Jun 1, 2018

Former firefighter Michael Noonan, who retired in May 2018, saved $102,770 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, Noonan would collect as much as $3.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Noonan received $75,739 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Noonan will have already received $153,750 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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