Former EMT lieutenant Diaz paid in $153K to pension fund, could collect $4.22M in retirement

By Local Labs News Service

Aug 1, 2016

Former EMT lieutenant Lawrence Diaz, who retired in July 2016, saved $153,076 toward a pension over 33 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Diaz would collect as much as $4.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Diaz received $88,692 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Diaz will have already received $180,045 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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