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Sangamon Sun

Monday, November 25, 2024

Former EMT lieutenant Joyce paid in $191K to pension fund, could collect $4.22M in retirement

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Former EMT lieutenant John Joyce, who retired in July 2016, saved $191,266 toward a pension over 29 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Joyce would collect as much as $4.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Joyce received $88,692 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Joyce will have already received $274,139 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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