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Chicago City Wire

Saturday, April 20, 2024

Former EMT firefighter Harris paid in $194K to pension fund, could collect $3.75M in retirement

Money 07

Former EMT firefighter Arthur Harris, who retired in November 2018, saved $193,546 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, Harris would collect as much as $3.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Harris received $78,878 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harris will have already received $243,803 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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