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Chicago City Wire

Monday, December 23, 2024

Former firefighter McCambridge paid in $88K to pension fund, could collect $3.51M in retirement

Money 08

Former firefighter William McCambridge, who retired in August 2016, saved $88,046 toward a pension over 39 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, McCambridge would collect as much as $3.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McCambridge received $73,854 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McCambridge will have already received $149,924 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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