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Sangamon Sun

Sunday, November 24, 2024

Former battalion chief paramedic Conroy paid in $244K to pension fund, could collect $5.42M in retirement

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Former battalion chief paramedic Michael Conroy, who retired in November 2017, saved $244,429 toward a pension over 31 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Conroy would collect as much as $5.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Conroy received $113,903 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Conroy will have already received $352,063 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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