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Sangamon Sun

Saturday, November 23, 2024

Former firefighter Miller paid in $190K to pension fund, could collect $3.43M in retirement

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Former firefighter Larry Miller, who retired in September 2016, saved $189,619 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, Miller would collect as much as $3.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Miller received $72,054 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $222,712 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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