Quantcast

Chicago City Wire

Friday, April 19, 2024

Former EMT captain Scarnavack paid in $221K to pension fund, could collect $4.93M in retirement

Shutterstock 381111379

Former EMT captain Michael Scarnavack, who retired in November 2018, saved $221,322 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, Scarnavack would collect as much as $4.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Scarnavack received $103,618 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scarnavack will have already received $320,274 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS