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Sangamon Sun

Monday, November 25, 2024

Former EMT fire engineer Cloud paid in $182K to pension fund, could collect $3.94M in retirement

Money 04

Former EMT fire engineer Michael Cloud, who retired in November 2017, saved $182,419 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, Cloud would collect as much as $3.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cloud received $82,739 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cloud will have already received $255,738 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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