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Chicago City Wire

Tuesday, December 24, 2024

Former EMT lieutenant Otto paid in $214K to pension fund, could collect $4.25M in retirement

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Former EMT lieutenant David Otto, who retired in November 2016, saved $213,748 toward a pension over 36 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Otto would collect as much as $4.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Otto received $89,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Otto will have already received $276,188 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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