Chicago City Wire

Chicago City Wire

Saturday, November 16, 2019

Former EMT captain Sposato paid in $210K to pension fund, could collect $4.77M in retirement

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By Local Labs News Service | Dec 1, 2018

Money272

Former EMT captain Leonard Sposato, who retired in November 2018, saved $209,541 toward a pension over 30 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Sposato would collect as much as $4.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sposato received $100,246 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sposato will have already received $309,850 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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