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Chicago City Wire

Friday, December 27, 2024

Former EMT fire engineer Santana paid in $162K to pension fund, could collect $3.34M in retirement

Money 06

Former EMT fire engineer Daniel Santana, who retired in November 2016, saved $161,689 toward a pension over 26 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Santana would collect as much as $3.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Santana received $70,220 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Santana will have already received $217,044 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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