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Sangamon Sun

Tuesday, November 5, 2024

Former EMT lieutenant Farris paid in $167K to pension fund, could collect $2.93M in retirement

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Former EMT lieutenant Vincent Farris, who retired in June 2017, saved $167,244 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, Farris would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Farris received $61,652 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Farris will have already received $190,561 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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