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Chicago City Wire

Monday, December 23, 2024

Former EMT captain Richardson paid in $198K to pension fund, could collect $4.35M in retirement

Money 06

Former EMT captain Lewis Richardson, who retired in November 2016, saved $198,046 toward a pension over 30 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Richardson 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 Richardson received $91,422 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Richardson will have already received $282,577 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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