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Chicago City Wire

Friday, November 22, 2024

Former fire engineer Barrera paid in $166K to pension fund, could collect $3.33M in retirement

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Former fire engineer Guadalupe Barrera, who retired in December 2018, saved $165,985 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, Barrera would collect as much as $3.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Barrera received $70,089 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barrera will have already received $216,639 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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