Chicago City Wire

Chicago City Wire

Thursday, November 21, 2019

Former firefighter Chears paid in $180K to pension fund, could collect $3.52M in retirement

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By Local Labs News Service | May 1, 2018

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Former firefighter Raney Chears, who retired in April 2018, saved $179,572 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, Chears would collect as much as $3.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chears received $74,010 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chears will have already received $228,757 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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