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Sangamon Sun

Sunday, November 24, 2024

Former firefighter Hill paid in $43K to pension fund, could collect $3.24M in retirement

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Former firefighter Ronald Hill, who retired in November 2017, saved $43,344 toward a pension over 28 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Hill would collect as much as $3.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hill received $68,029 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hill will have already received $68,029 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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