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Chicago City Wire

Tuesday, December 24, 2024

Former paramedic Hofmann paid in $149K to pension fund, could collect $4.92M in retirement

Money 05

Former paramedic Joyce Hofmann, who retired in November 2016, saved $149,321 toward a pension over 33 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Hofmann would collect as much as $4.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hofmann received $103,508 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hofmann will have already received $210,121 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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