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Chicago City Wire

Sunday, September 29, 2024

Former fire engineer Munson paid in $153K to pension fund, could collect $2.97M in retirement

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Former fire engineer William Munson, who retired in December 2016, saved $152,814 toward a pension over 24 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Munson would collect as much as $2.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Munson received $62,493 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Munson will have already received $193,160 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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