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Sangamon Sun

Friday, April 26, 2024

Former firefighter Richardson paid in $79K to pension fund, could collect $2.16M in retirement

Money 04

Former firefighter James Richardson, who retired in October 2017, saved $78,795 toward a pension over 19 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Richardson would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Richardson received $45,423 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Richardson will have already received $92,209 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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