Sangamon Sun

Sangamon Sun

Friday, April 3, 2020

Former firefighter Vanarkel paid in $176K to pension fund, could collect $3.55M in retirement


By Local Labs News Service | Dec 1, 2018

Money 07

Former firefighter Michael Vanarkel, who retired in November 2018, saved $176,019 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, Vanarkel would collect as much as $3.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Vanarkel received $74,545 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vanarkel will have already received $230,410 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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