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Chicago City Wire

Sunday, September 29, 2024

Former paramedic Mullally paid in $63K to pension fund, could collect $3.38M in retirement

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Former paramedic Dennis Mullally, who retired in December 2016, saved $62,930 toward a pension over 27 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Mullally would collect as much as $3.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mullally received $71,038 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Mullally will have already received $71,038 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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