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Chicago City Wire

Sunday, September 29, 2024

Former firefighter Duignan paid in $139K to pension fund, could collect $3.45M in retirement

Money 08

Former firefighter John Duignan, who retired in December 2016, saved $139,171 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, Duignan would collect as much as $3.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Duignan received $72,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Duignan will have already received $147,007 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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