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Sangamon Sun

Tuesday, April 23, 2024

Former firefighter Marshall paid in $122K to pension fund, could collect $2.74M in retirement

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Former firefighter William Marshall, who retired in July 2016, saved $121,654 toward a pension over 24 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Marshall would collect as much as $2.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Marshall received $57,640 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Marshall will have already received $178,159 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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