Former EMT battalion chief Parsons paid in $220K to pension fund, could collect $5.15M in retirement

By Local Labs News Service

Aug 1, 2016

Former EMT battalion chief Linda Parsons, who retired in July 2016, saved $220,004 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, Parsons would collect as much as $5.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Parsons received $108,272 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parsons will have already received $334,658 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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