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Chicago City Wire

Monday, November 25, 2024

Former firefighter and paramedic Barry paid in $94K to pension fund, could collect $2.02M in retirement

Money 01

Former firefighter and paramedic Gerald Barry, who retired in April 2016, saved $94,107 toward a pension over 17 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Barry would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Barry received $42,453 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barry will have already received $131,219 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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