Quantcast

Chicago City Wire

Wednesday, December 25, 2024

Former firefighter and paramedic Arroyo paid in $189K to pension fund, could collect $3.95M in retirement

Money 08

Former firefighter and paramedic Hector Arroyo, who retired in November 2016, saved $188,528 toward a pension over 29 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Arroyo would collect as much as $3.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Arroyo received $82,969 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Arroyo will have already received $256,449 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS