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Sangamon Sun

Tuesday, November 26, 2024

Former paramedic Johnson paid in $17K to pension fund, could collect $3.58M in retirement

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Former paramedic Robert Johnson, who retired in July 2018, saved $17,248 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, Johnson would collect as much as $3.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Johnson received $75,229 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Johnson will have already received $75,229 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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