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Sangamon Sun

Wednesday, April 24, 2024

Former paramedic Brown paid in $77K to pension fund, could collect $651K in retirement

Money041

Former paramedic Alicia Brown, who retired in September 2017, saved $77,270 toward a pension over 17 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Brown would collect as much as $650,574, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brown received $13,674 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Brown will have already received $88,449 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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