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Chicago City Wire

Monday, December 23, 2024

Former paramedic Hoffelt paid in $225K to pension fund, could collect $4.35M in retirement

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Former paramedic Michael Hoffelt, who retired in November 2016, saved $224,602 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, Hoffelt would collect as much as $4.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hoffelt received $91,425 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hoffelt will have already received $282,586 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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