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Sangamon Sun

Sunday, November 24, 2024

Former EMT fire engineer Coogan paid in $161K to pension fund, could collect $3.19M in retirement

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Former EMT fire engineer Loretto Coogan, who retired in November 2017, saved $160,553 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, Coogan would collect as much as $3.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Coogan received $67,065 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Coogan will have already received $207,291 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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