Quantcast

Chicago City Wire

Monday, December 23, 2024

Former EMT lieutenant Valadez paid in $216K to pension fund, could collect $4.25M in retirement

Money 04

Former EMT lieutenant Louis Valadez, who retired in November 2016, saved $216,462 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, Valadez 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 Valadez received $89,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Valadez 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.

MORE NEWS