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Chicago City Wire

Friday, April 19, 2024

Former firefighter Romeo paid in $158K to pension fund, could collect $3.43M in retirement

Money 02

Former firefighter Joseph Romeo, who retired in September 2016, saved $158,262 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, Romeo would collect as much as $3.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Romeo received $72,054 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Romeo will have already received $222,712 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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