Quantcast

Sangamon Sun

Monday, November 25, 2024

Former firefighter Morris paid in $130K to pension fund, could collect $2.93M in retirement

Shutterstock 443523112

Former firefighter Radford Morris, who retired in July 2017, saved $129,733 toward a pension over 25 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Morris would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Morris received $61,581 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Morris will have already received $190,340 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS