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Chicago City Wire

Monday, November 25, 2024

Former firefighter Gonzalez paid in $148K to pension fund, could collect $3.46M in retirement

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Former firefighter Jose Gonzalez, who retired in February 2017, saved $148,399 toward a pension over 31 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Gonzalez would collect as much as $3.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gonzalez received $72,633 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gonzalez will have already received $224,501 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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