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Sangamon Sun

Monday, November 25, 2024

Former EMT lieutenant Reardon paid in $190K to pension fund, could collect $4.31M in retirement

Money 03

Former EMT lieutenant Patrick Reardon, who retired in November 2017, saved $189,671 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, Reardon would collect as much as $4.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Reardon received $90,668 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reardon will have already received $280,246 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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