Chicago City Wire

Chicago City Wire

Saturday, December 14, 2019

Former EMT captain Botica paid in $188K to pension fund, could collect $4.22M in retirement

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By Local Labs News Service | Jan 1, 2018

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Former EMT captain Timothy Botica, who retired in December 2017, saved $187,644 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, Botica would collect as much as $4.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Botica received $88,755 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Botica will have already received $274,334 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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