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Chicago City Wire

Wednesday, April 24, 2024

Former paramedic Trinidad paid in $231K to pension fund, could collect $5.04M in retirement

Money 07

Former paramedic James Trinidad, who retired in November 2018, saved $231,215 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, Trinidad would collect as much as $5.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Trinidad received $106,016 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Trinidad will have already received $327,684 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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