Quantcast

Sangamon Sun

Sunday, November 24, 2024

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

Shutterstock 469426916

Former firefighter David Purcell, who retired in November 2017, saved $170,366 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, Purcell 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 Purcell received $73,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Purcell 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.

MORE NEWS