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Sangamon Sun

Monday, November 25, 2024

Former firefighter Williams paid in $145K to pension fund, could collect $2.68M in retirement

Money759

Former firefighter James Williams, who retired in November 2017, saved $145,357 toward a pension over 23 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Williams would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Williams received $56,363 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $174,213 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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