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Sangamon Sun

Friday, April 26, 2024

Former fire engineer and paramedic Veith paid in $133K to pension fund, could collect $4.13M in retirement

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Former fire engineer and paramedic William Veith, who retired in March 2017, saved $133,354 toward a pension over 40 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Veith would collect as much as $4.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Veith received $86,886 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Veith will have already received $176,379 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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