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Chicago City Wire

Wednesday, April 24, 2024

Former EMT captain Hartwig paid in $200K to pension fund, could collect $4.48M in retirement

Money 03

Former EMT captain David Hartwig, who retired in October 2018, saved $199,799 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, Hartwig 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 Hartwig received $94,150 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hartwig will have already received $291,009 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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