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Sangamon Sun

Friday, April 19, 2024

Former fire engineer White paid in $154K to pension fund, could collect $3.77M in retirement

Money 04

Former fire engineer Leroy White, who retired in October 2018, saved $153,798 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, White would collect as much as $3.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes White received $79,297 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, White will have already received $160,973 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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