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Sangamon Sun

Sunday, November 24, 2024

Former firefighter McKoy paid in $201K to pension fund, could collect $3.5M in retirement

Money 02

Former firefighter David McKoy, who retired in November 2017, saved $200,576 toward a pension over 37 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, McKoy would collect as much as $3.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McKoy received $73,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McKoy will have already received $227,487 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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