Quantcast

Chicago City Wire

Friday, April 19, 2024

Former EMT fire engineer Coleman paid in $149K to pension fund, could collect $2.93M in retirement

Shutterstock 65427295

Former EMT fire engineer Franklin Coleman, who retired in October 2018, saved $148,892 toward a pension over 22 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Coleman would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Coleman received $61,565 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Coleman will have already received $190,291 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS