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Sangamon Sun

Friday, April 26, 2024

Former EMT firefighter Donegan paid in $185K to pension fund, could collect $3.74M in retirement

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Former EMT firefighter Lorenzo Donegan, who retired in August 2018, saved $185,144 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, Donegan would collect as much as $3.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Donegan received $78,590 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Donegan will have already received $242,914 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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