Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former EMT fire engineer McCullough paid in $159K to pension fund, could collect $4M in retirement

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By Local Labs News Service | Jan 1, 2019

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Former EMT fire engineer Wayne McCullough, who retired in December 2018, saved $158,682 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, McCullough would collect as much as $4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes McCullough received $84,101 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McCullough will have already received $170,725 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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