Chicago City Wire

Chicago City Wire

Thursday, December 12, 2019

Former paramedic Heard paid in $176K to pension fund, could collect $3.45M in retirement

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By Local Labs News Service | Jan 1, 2018

Money 03

Former paramedic Kimberly Heard, who retired in December 2017, saved $175,598 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, Heard would collect as much as $3.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Heard received $72,488 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heard will have already received $224,054 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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