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Sangamon Sun

Monday, November 25, 2024

Former firefighter Muhammad paid in $170K to pension fund, could collect $3.5M in retirement

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Former firefighter Derrick Muhammad, who retired in November 2017, saved $170,361 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, Muhammad would collect as much as $3.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Muhammad received $73,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Muhammad will have already received $227,487 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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