Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former paramedic Birmingham paid in $148K to pension fund, could collect $3.48M in retirement

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By Local Labs News Service | Jan 1, 2019

Money041

Former paramedic Scott Birmingham, who retired in December 2018, saved $147,756 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, Birmingham would collect as much as $3.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Birmingham received $73,201 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Birmingham will have already received $148,598 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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