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Sangamon Sun

Tuesday, November 26, 2024

Former firefighter and paramedic Moran paid in $111K to pension fund, could collect $4.16M in retirement

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Former firefighter and paramedic Thomas Moran, who retired in July 2018, saved $110,884 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, Moran would collect as much as $4.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Moran received $87,340 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Moran will have already received $177,300 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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