Chicago City Wire

Former paramedic Richard Raney, who retired in October 2018, saved $269,061 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, Raney would collect as much as $5.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Raney received $108,033 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Raney will have already received $333,919 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.