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Sangamon Sun

Monday, November 25, 2024

Former fire engineer Brannigan paid in $120K to pension fund, could collect $3.67M in retirement

Money272

Former fire engineer Michael Brannigan, who retired in January 2017, saved $119,742 toward a pension over 36 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Brannigan would collect as much as $3.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brannigan received $77,228 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Brannigan will have already received $156,773 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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