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Chicago City Wire

Monday, December 23, 2024

Former firefighter and paramedic Fitzgibbon paid in $168K to pension fund, could collect $4.25M in retirement

Money 06

Former firefighter and paramedic James Fitzgibbon, who retired in August 2016, saved $167,623 toward a pension over 41 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Fitzgibbon would collect as much as $4.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Fitzgibbon received $89,343 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Fitzgibbon will have already received $181,366 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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