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Sangamon Sun

Sunday, November 24, 2024

Former firefighter Moran paid in $127K to pension fund, could collect $2.81M in retirement

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Former firefighter Patrick Moran, who retired in November 2017, saved $127,318 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, Moran would collect as much as $2.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Moran received $59,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Moran will have already received $182,585 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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