Chicago City Wire

Chicago City Wire

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Former EMT fire engineer Simpson paid in $119K to pension fund, could collect $2.69M in retirement

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By Local Labs News Service | Oct 1, 2016

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Former EMT fire engineer Casstedaro Simpson, who retired in September 2016, saved $118,823 toward a pension over 21 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Simpson would collect as much as $2.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Simpson received $56,580 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Simpson will have already received $174,882 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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