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Chicago City Wire

Monday, December 23, 2024

Former EMT battalion chief Collins paid in $252K to pension fund, could collect $5.15M in retirement

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Former EMT battalion chief John Collins, who retired in November 2016, saved $252,061 toward a pension over 36 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Collins would collect as much as $5.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Collins received $108,182 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Collins will have already received $334,379 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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