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Chicago City Wire

Sunday, November 24, 2024

Former EMT firefighter Walsh paid in $161K to pension fund, could collect $3.16M in retirement

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Former EMT firefighter Philip Walsh, who retired in October 2016, saved $160,639 toward a pension over 26 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Walsh would collect as much as $3.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Walsh received $66,441 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walsh will have already received $205,362 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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