Former ambulance commander Mundy paid in $118K to pension fund, could collect $4.71M in retirement

By Local Labs News Service

Feb 1, 2017

Former ambulance commander Gerald Mundy, who retired in January 2017, saved $117,892 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, Mundy would collect as much as $4.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mundy received $99,022 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Mundy will have already received $201,015 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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