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Monday, February 24, 2020

Former EMT battalion chief Mullaney paid in $260K to pension fund, could collect $5.36M in retirement

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By Local Labs News Service | Oct 1, 2018

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Former EMT battalion chief Daniel Mullaney, who retired in September 2018, saved $259,772 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, Mullaney would collect as much as $5.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mullaney received $112,723 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mullaney will have already received $348,416 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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