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Sangamon Sun

Sunday, November 24, 2024

Former firefighter Bell paid in $132K to pension fund, could collect $3.07M in retirement

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Former firefighter Theodoric Bell, who retired in November 2017, saved $132,427 toward a pension over 26 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Bell would collect as much as $3.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bell received $64,528 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bell will have already received $199,450 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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