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Sangamon Sun

Tuesday, November 26, 2024

Former firefighter Caulfield paid in $177K to pension fund, could collect $3.53M in retirement

Money 04

Former firefighter Daniel Caulfield, who retired in July 2018, saved $176,610 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, Caulfield would collect as much as $3.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Caulfield received $74,239 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Caulfield will have already received $229,465 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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