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Sangamon Sun

Sunday, November 24, 2024

Former EMT lieutenant Duffy paid in $232K to pension fund, could collect $4.34M in retirement

Money 01

Former EMT lieutenant William Duffy, who retired in November 2017, saved $231,645 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, Duffy would collect as much as $4.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Duffy received $91,177 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Duffy will have already received $281,818 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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