Quantcast

Chicago City Wire

Thursday, December 26, 2024

Former firefighter Reyes paid in $166K to pension fund, could collect $3.44M in retirement

Shutterstock 373239541

Former firefighter Raul Reyes, who retired in November 2016, saved $166,483 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, Reyes would collect as much as $3.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Reyes received $72,296 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reyes will have already received $223,460 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS