Quantcast

Chicago City Wire

Wednesday, April 24, 2024

Former EMT fire engineer Reimer paid in $159K to pension fund, could collect $4.05M in retirement

Shutterstock 262120544

Former EMT fire engineer Richard Reimer, who retired in November 2018, saved $159,321 toward a pension over 38 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Reimer would collect as much as $4.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Reimer received $85,119 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Reimer will have already received $172,792 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS