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Sangamon Sun

Wednesday, November 13, 2024

Former paramedic Howe paid in $219K to pension fund, could collect $4.58M in retirement

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Former paramedic Thomas Howe, who retired in May 2018, saved $218,797 toward a pension over 39 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Howe would collect as much as $4.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Howe received $96,246 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howe will have already received $297,486 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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