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Chicago City Wire

Monday, December 23, 2024

Former firefighter Cruz paid in $137K to pension fund, could collect $3.42M in retirement

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Former firefighter Jose Cruz, who retired in August 2016, saved $137,204 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, Cruz would collect as much as $3.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cruz received $71,936 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cruz will have already received $146,030 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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