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Chicago City Wire

Wednesday, December 25, 2024

Former firefighter Alvarado paid in $165K to pension fund, could collect $3.31M in retirement

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Former firefighter Raul Alvarado, who retired in November 2016, saved $164,656 toward a pension over 28 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Alvarado would collect as much as $3.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Alvarado received $69,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Alvarado will have already received $215,124 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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