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Chicago City Wire

Monday, December 23, 2024

Former EMT battalion chief Chimino paid in $243K to pension fund, could collect $5.19M in retirement

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Former EMT battalion chief David Chimino, who retired in November 2016, saved $242,930 toward a pension over 37 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Chimino would collect as much as $5.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chimino received $109,080 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chimino will have already received $337,155 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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