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Chicago City Wire

Friday, November 22, 2024

Former EMT firefighter Miles paid in $102K to pension fund, could collect $3.77M in retirement

Money 03

Former EMT firefighter Raphael Miles, who retired in March 2019, saved $102,429 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, Miles would collect as much as $3.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Miles received $79,171 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Miles will have already received $160,717 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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