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Sangamon Sun

Monday, November 25, 2024

Former firefighter Sibley paid in $111K to pension fund, could collect $2.47M in retirement

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Former firefighter Larry Sibley, who retired in July 2016, saved $111,231 toward a pension over 21 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Sibley would collect as much as $2.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sibley received $51,880 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sibley will have already received $160,355 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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