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Chicago City Wire

Wednesday, December 25, 2024

Former lieutenant Moreno paid in $151K to pension fund, could collect $3.71M in retirement

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Former lieutenant Carlos Moreno, who retired in November 2016, saved $151,438 toward a pension over 27 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Moreno would collect as much as $3.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Moreno received $78,012 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Moreno will have already received $158,364 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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