Former lieutenant Rivera paid in $194K to pension fund, could collect $4.16M in retirement

By Local Labs News Service

Dec 1, 2018

Former lieutenant Ernesto Rivera, who retired in November 2018, saved $193,757 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, Rivera would collect as much as $4.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rivera received $87,434 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rivera will have already received $270,250 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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