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Sangamon Sun

Saturday, May 31, 2025

Former battalion chief Callahan paid in $281K to pension fund, could collect $5.04M in retirement

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Former battalion chief Michael Callahan, who retired in August 2018, saved $280,962 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, Callahan would collect as much as $5.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Callahan received $106,019 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Callahan will have already received $327,695 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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