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Chicago City Wire

Thursday, December 26, 2024

Former fire engineer Choate paid in $204K to pension fund, could collect $3.66M in retirement

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Former fire engineer Michael Choate, who retired in November 2016, saved $203,688 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, Choate would collect as much as $3.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Choate received $76,985 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Choate will have already received $237,954 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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