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Sangamon Sun

Sunday, November 24, 2024

Former EMT fire engineer Ternes paid in $153K to pension fund, could collect $3.94M in retirement

Money272

Former EMT fire engineer Vincent Ternes, who retired in November 2017, saved $153,228 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, Ternes 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 Ternes received $82,739 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ternes will have already received $167,960 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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