Chicago City Wire

Chicago City Wire

Monday, February 17, 2020

Former EMT captain Owens paid in $204K to pension fund, could collect $4.48M in retirement


By Local Labs News Service | Jan 1, 2018

Money 06

Former EMT captain Joseph Owens, who retired in December 2017, saved $203,911 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, Owens would collect as much as $4.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Owens received $94,090 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Owens will have already received $290,823 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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