Quantcast

Chicago City Wire

Friday, November 22, 2024

Former EMT lieutenant Soto paid in $158K to pension fund, could collect $4.23M in retirement

Shutterstock 249974521

Former EMT lieutenant Manuel Soto, who retired in December 2018, saved $157,750 toward a pension over 28 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Soto would collect as much as $4.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Soto received $88,951 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Soto will have already received $180,571 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS