Chicago City Wire

Chicago City Wire

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Former EMT lieutenant Williams paid in $172K to pension fund, could collect $3.65M in retirement

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By Local Labs News Service | Jan 1, 2018

Money 07

Former EMT lieutenant Dwain Williams, who retired in December 2017, saved $172,041 toward a pension over 25 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Williams would collect as much as $3.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Williams received $76,786 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $237,339 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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