Sangamon Sun

Sangamon Sun

Tuesday, February 25, 2020

Former EMT captain Kowal paid in $215K to pension fund, could collect $4.9M in retirement

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By Local Labs News Service | Dec 1, 2018

Money836

Former EMT captain William Kowal, who retired in November 2018, saved $215,002 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, Kowal would collect as much as $4.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kowal received $102,948 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kowal will have already received $318,201 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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