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Chicago City Wire

Tuesday, December 24, 2024

Former EMT captain Colby paid in $222K to pension fund, could collect $4.76M in retirement

Money 07

Former EMT captain John Colby, who retired in November 2016, saved $222,202 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, Colby would collect as much as $4.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Colby received $100,024 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Colby will have already received $309,165 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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