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Sangamon Sun

Monday, November 25, 2024

Former EMT battalion chief McShane paid in $207K to pension fund, could collect $5.37M in retirement

Money 04

Former EMT battalion chief Scott McShane, who retired in November 2017, saved $207,122 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, McShane would collect as much as $5.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McShane received $112,786 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McShane will have already received $228,956 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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