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Sangamon Sun

Monday, November 25, 2024

Former EMT lieutenant Stack paid in $158K to pension fund, could collect $4.39M in retirement

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Former EMT lieutenant Steven Stack, who retired in November 2018, saved $158,019 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, Stack would collect as much as $4.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Stack received $92,375 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stack will have already received $187,521 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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