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Sangamon Sun

Saturday, April 20, 2024

Former EMT fire engineer McClory paid in $181K to pension fund, could collect $3.99M in retirement

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Former EMT fire engineer Michael McClory, who retired in October 2018, saved $180,570 toward a pension over 35 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, McClory would collect as much as $3.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McClory received $83,896 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McClory will have already received $259,314 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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