Quantcast

Chicago City Wire

Thursday, April 18, 2024

Former EMT captain Dimaggio paid in $239K to pension fund, could collect $4.94M in retirement

Money 06

Former EMT captain Dave Dimaggio, who retired in December 2018, saved $238,859 toward a pension over 31 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Dimaggio would collect as much as $4.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Dimaggio received $103,745 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dimaggio will have already received $320,665 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS