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Sangamon Sun

Sunday, December 22, 2024

Former paramedic Week paid in $172K to pension fund, could collect $3.2M in retirement

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Former paramedic David Week, who retired in December 2018, saved $172,113 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, Week would collect as much as $3.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Week received $67,333 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Week will have already received $208,120 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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