Quantcast

Sangamon Sun

Friday, April 26, 2024

Former EMT lieutenant Joyce paid in $119K to pension fund, could collect $4.42M in retirement

Shutterstock 381111379

Former EMT lieutenant Thomas Joyce, who retired in April 2018, saved $119,189 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, Joyce would collect as much as $4.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Joyce received $93,000 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Joyce will have already received $188,790 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS