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Chicago City Wire

Friday, November 22, 2024

Former EMT firefighter Mickey paid in $94K to pension fund, could collect $1.6M in retirement

Money 05

Former EMT firefighter John Mickey, who retired in December 2018, saved $94,061 toward a pension over 12 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Mickey would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mickey received $33,675 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mickey will have already received $104,086 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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