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Chicago City Wire

Thursday, December 26, 2024

Former EMT fire engineer Gruber paid in $146K to pension fund, could collect $2.83M in retirement

Money 08

Former EMT fire engineer James Gruber, who retired in November 2016, saved $146,389 toward a pension over 22 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Gruber would collect as much as $2.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gruber received $59,475 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gruber will have already received $183,831 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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