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

By Local Labs News Service

Jan 1, 2019

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.

ORGANIZATIONS IN THIS STORY

City of Chicago Fire Department

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate