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Sangamon Sun

Monday, November 25, 2024

Former captain Brown paid in $179K to pension fund, could collect $4.5M in retirement

Money 07

Former captain Timothy Brown, who retired in November 2018, saved $179,099 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, Brown would collect as much as $4.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brown received $94,678 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Brown will have already received $192,196 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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