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Sangamon Sun

Friday, April 19, 2024

Former captain Billups paid in $163K to pension fund, could collect $4.69M in retirement

Money041

Former captain David Billups, who retired in June 2018, saved $163,093 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, Billups would collect as much as $4.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Billups received $98,659 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Billups will have already received $200,278 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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