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Sangamon Sun

Sunday, November 24, 2024

Former EMT firefighter Raines paid in $180K to pension fund, could collect $3.63M in retirement

Money 06

Former EMT firefighter Claude Raines, who retired in November 2017, saved $179,525 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, Raines would collect as much as $3.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Raines received $76,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Raines will have already received $235,601 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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