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Sangamon Sun

Saturday, November 23, 2024

Former battalion chief McNicholas paid in $246K to pension fund, could collect $4.78M in retirement

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Former battalion chief John McNicholas, who retired in April 2016, saved $245,935 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, McNicholas would collect as much as $4.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McNicholas received $100,501 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McNicholas will have already received $310,638 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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