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Chicago City Wire

Thursday, May 2, 2024

Former EMT captain Hicks paid in $159K to pension fund, could collect $4.93M in retirement

Money 05

Former EMT captain Kevin Hicks, who retired in November 2018, saved $159,300 toward a pension over 32 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Hicks would collect as much as $4.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hicks received $103,618 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hicks will have already received $210,345 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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