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Chicago City Wire

Friday, November 22, 2024

Former EMT firefighter Chavarria paid in $139K to pension fund, could collect $3.29M in retirement

Money 05

Former EMT firefighter Gary Chavarria, who retired in December 2018, saved $138,853 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, Chavarria would collect as much as $3.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chavarria received $69,171 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Chavarria will have already received $140,417 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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