Sangamon Sun

Sangamon Sun

Monday, February 17, 2020

Former firefighter Wood paid in $144K to pension fund, could collect $2.57M in retirement

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By Local Labs News Service | Oct 1, 2018

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Former firefighter John Wood, who retired in September 2018, saved $143,959 toward a pension over 22 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Wood would collect as much as $2.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wood received $54,115 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wood will have already received $167,263 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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