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Chicago City Wire

Thursday, April 25, 2024

Former firefighter Barabas paid in $147K to pension fund, could collect $3.55M in retirement

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Former firefighter Anthony Barabas, who retired in November 2018, saved $147,080 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, Barabas would collect as much as $3.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Barabas received $74,545 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Barabas will have already received $151,326 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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