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Chicago City Wire

Wednesday, April 24, 2024

Former EMT fire engineer Ayala paid in $168K to pension fund, could collect $3.88M in retirement

Money759

Former EMT fire engineer Lorenzo Ayala, who retired in November 2018, saved $167,756 toward a pension over 32 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Ayala would collect as much as $3.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ayala received $81,649 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ayala will have already received $252,368 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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