Former paramedic Murphy paid in $195K to pension fund, could collect $4.73M in retirement

By Local Labs News Service

Feb 1, 2016

Former paramedic Margaret Murphy, who retired in January 2016, saved $194,923 toward a pension over 29 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Murphy would collect as much as $4.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Murphy received $99,423 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Murphy will have already received $201,829 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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