Former battalion chief McCormack paid in $238K to pension fund, could collect $5.08M in retirement

By Local Labs News Service

Dec 1, 2018

Former battalion chief Thomas McCormack, who retired in November 2018, saved $237,504 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, McCormack would collect as much as $5.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McCormack received $106,722 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCormack will have already received $329,868 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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