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Sangamon Sun

Monday, April 15, 2024

Former EMT battalion chief Kane paid in $236K to pension fund, could collect $5.3M in retirement

Money836

Former EMT battalion chief Lawrence Kane, who retired in November 2017, saved $235,926 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, Kane would collect as much as $5.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kane received $111,302 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kane will have already received $344,023 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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