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Sangamon Sun

Friday, April 26, 2024

Former firefighter Okane paid in $82K to pension fund, could collect $3.49M in retirement

Money 07

Former firefighter Robert Okane, who retired in August 2017, saved $82,491 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, Okane would collect as much as $3.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Okane received $73,281 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Okane will have already received $148,760 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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