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Sangamon Sun

Monday, July 7, 2025

Former firefighter Schulz paid in $184K to pension fund, could collect $3.76M in retirement

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Former firefighter Michael Schulz, who retired in August 2018, saved $184,337 toward a pension over 36 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Schulz would collect as much as $3.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Schulz received $79,134 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schulz will have already received $244,595 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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