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Sangamon Sun

Monday, November 25, 2024

Former EMT battalion chief Mangan paid in $233K to pension fund, could collect $5.26M in retirement

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Former EMT battalion chief Mark Mangan, who retired in November 2017, saved $232,887 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, Mangan would collect as much as $5.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mangan received $110,502 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mangan will have already received $341,551 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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