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Sangamon Sun

Tuesday, November 26, 2024

Former EMT fire engineer Bracken paid in $121K to pension fund, could collect $2.76M in retirement

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Former EMT fire engineer Maureen Bracken, who retired in November 2018, saved $121,222 toward a pension over 21 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Bracken would collect as much as $2.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bracken received $57,949 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bracken will have already received $179,114 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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