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

Schools

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.

Want to get notified whenever we write about City of Chicago Fire Department ?

Sign-up Next time we write about City of Chicago Fire Department, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

City of Chicago Fire Department

More News