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Chicago City Wire

Thursday, December 26, 2024

Former firefighter Malacina paid in $136K to pension fund, could collect $3.31M in retirement

Money 06

Former firefighter James Malacina, who retired in November 2016, saved $136,125 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, Malacina 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 Malacina received $69,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Malacina will have already received $141,286 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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