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Chicago City Wire

Wednesday, December 25, 2024

Former firefighter Scates paid in $139K to pension fund, could collect $3.44M in retirement

Money 04

Former firefighter Warren Scates, who retired in November 2016, saved $138,832 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, Scates 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 Scates received $72,296 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Scates will have already received $146,761 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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