Former ambulance commander McKinnis paid in $89K to pension fund, could collect $4.66M in retirement

By Local Labs News Service

Dec 1, 2018

Former ambulance commander Michael McKinnis, who retired in November 2018, saved $89,103 toward a pension over 33 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, McKinnis would collect as much as $4.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McKinnis received $97,863 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, McKinnis will have already received $97,863 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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