Chicago City Wire

Former firefighter Richard Lona, who retired in November 2018, saved $154,208 toward a pension over 24 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Lona would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lona received $59,832 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lona will have already received $184,935 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.