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Sangamon Sun

Friday, April 26, 2024

Former EMT battalion chief Basile paid in $242K to pension fund, could collect $5.2M in retirement

Money 08

Former EMT battalion chief Lee Basile, who retired in December 2016, saved $241,528 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, Basile would collect as much as $5.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Basile received $109,284 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Basile will have already received $337,787 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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