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Sangamon Sun

Thursday, April 18, 2024

Former captain Cullen paid in $193K to pension fund, could collect $4.52M in retirement

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Former captain Raymond Cullen, who retired in November 2016, saved $193,011 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, Cullen would collect as much as $4.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cullen received $94,914 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cullen will have already received $293,369 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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