Chicago City Wire

Chicago City Wire

Thursday, December 12, 2019

Former EMT fire engineer Richards paid in $183K to pension fund, could collect $3.94M in retirement


By Local Labs News Service | Jan 1, 2018

Money 07

Former EMT fire engineer James Richards, who retired in December 2017, saved $182,573 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, Richards would collect as much as $3.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Richards received $82,873 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Richards will have already received $256,152 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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