Former firefighter Marrero paid in $120K to pension fund, could collect $3.6M in retirement

By Local Labs News Service

Apr 1, 2018

Former firefighter William Marrero, who retired in March 2018, saved $120,313 toward a pension over 40 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Marrero would collect as much as $3.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Marrero received $75,739 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Marrero will have already received $153,750 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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