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Sangamon Sun

Thursday, April 18, 2024

Former paramedic Clark paid in $204K to pension fund, could collect $4.35M in retirement

Money 04

Former paramedic Gilbert Clark, who retired in November 2016, saved $203,944 toward a pension over 30 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Clark would collect as much as $4.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Clark received $91,425 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clark will have already received $282,586 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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