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Sangamon Sun

Sunday, November 24, 2024

Former paramedic Murphy paid in $237K to pension fund, could collect $4.97M in retirement

Money759

Former paramedic Daniel Murphy, who retired in November 2017, saved $237,222 toward a pension over 34 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Murphy would collect as much as $4.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Murphy received $104,426 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Murphy will have already received $322,771 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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