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Sangamon Sun

Saturday, November 23, 2024

Former EMT battalion chief Corcoran paid in $242K to pension fund, could collect $5.14M in retirement

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Former EMT battalion chief Timothy Corcoran, who retired in June 2016, saved $242,051 toward a pension over 33 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Corcoran would collect as much as $5.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Corcoran received $108,070 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Corcoran will have already received $334,033 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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