Chicago City Wire

Chicago City Wire

Friday, December 13, 2019

Former paramedic Sullivan paid in $166K to pension fund, could collect $3.36M in retirement

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By Local Labs News Service | Jan 1, 2018

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Former paramedic Terrence Sullivan, who retired in December 2017, saved $166,388 toward a pension over 28 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Sullivan would collect as much as $3.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sullivan received $70,658 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sullivan will have already received $218,397 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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