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Sangamon Sun

Monday, November 25, 2024

Former paramedic Fleetwood paid in $142K to pension fund, could collect $2.57M in retirement

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Former paramedic Paul Fleetwood, who retired in November 2018, saved $142,133 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, Fleetwood 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 Fleetwood received $54,074 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fleetwood will have already received $167,137 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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