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Sangamon Sun

Sunday, November 24, 2024

Former paramedic Pearson paid in $152K to pension fund, could collect $3.73M in retirement

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Former paramedic John Pearson, who retired in November 2017, saved $151,879 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, Pearson would collect as much as $3.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pearson received $78,371 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Pearson will have already received $159,093 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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