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Sangamon Sun

Tuesday, October 8, 2024

Former firefighter Johnson paid in $145K to pension fund, could collect $3.42M in retirement

Money 01

Former firefighter Craig Johnson, who retired in November 2018, saved $145,320 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, Johnson would collect as much as $3.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Johnson received $71,791 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Johnson will have already received $145,736 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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