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Chicago City Wire

Sunday, September 29, 2024

Former lieutenant Aseves paid in $185K to pension fund, could collect $4.04M in retirement

Money 01

Former lieutenant Richard Aseves, who retired in December 2016, saved $184,813 toward a pension over 30 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Aseves would collect as much as $4.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Aseves received $84,939 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Aseves will have already received $262,538 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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