Former battalion chief Timothy paid in $285K to pension fund, could collect $5.16M in retirement

By Local Labs News Service

Dec 1, 2018

Former battalion chief Michael Timothy, who retired in November 2018, saved $285,059 toward a pension over 38 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Timothy would collect as much as $5.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Timothy received $108,427 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Timothy will have already received $335,137 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

City of Chicago Fire Department

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate