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Chicago City Wire

Thursday, April 18, 2024

Former captain Johnson paid in $192K to pension fund, could collect $4.34M in retirement

Money 03

Former captain Steve Johnson, who retired in December 2017, saved $192,496 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, Johnson would collect as much as $4.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Johnson received $91,263 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $282,085 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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