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Sangamon Sun

Tuesday, April 23, 2024

Former firefighter Sawe paid in $153K to pension fund, could collect $2.85M in retirement

Money272

Former firefighter Paul Sawe, who retired in December 2018, saved $152,740 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, Sawe would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sawe received $59,894 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sawe will have already received $185,127 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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