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Chicago City Wire

Friday, November 22, 2024

Former EMT fire engineer Strimel paid in $162K to pension fund, could collect $3.24M in retirement

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Former EMT fire engineer Michael Strimel, who retired in December 2018, saved $161,997 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, Strimel would collect as much as $3.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Strimel received $68,170 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Strimel will have already received $210,706 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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