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Sangamon Sun

Friday, April 19, 2024

Former lieutenant Hicks paid in $205K to pension fund, could collect $4.11M in retirement

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Former lieutenant Timothy Hicks, who retired in November 2017, saved $204,924 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, Hicks would collect as much as $4.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hicks received $86,323 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hicks will have already received $266,816 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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