Former EMT firefighter McCarthy paid in $154K to pension fund, could collect $2.97M in retirement

By Local Labs News Service

Dec 1, 2017

Former EMT firefighter Maureen McCarthy, who retired in November 2017, saved $154,003 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, McCarthy would collect as much as $2.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McCarthy received $62,354 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McCarthy will have already received $192,731 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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