Chicago City Wire

Chicago City Wire

Saturday, January 25, 2020

Former EMT firefighter Mite paid in $142K to pension fund, could collect $2.69M in retirement


By Local Labs News Service | Jan 1, 2018

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Former EMT firefighter Thomas Mite, who retired in December 2017, saved $141,961 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, Mite would collect as much as $2.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mite received $56,517 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mite will have already received $174,689 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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