Chicago City Wire

Chicago City Wire

Saturday, November 16, 2019

Former fire engineer Savino paid in $153K to pension fund, could collect $2.92M in retirement


By Local Labs News Service | Dec 1, 2018

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Former fire engineer John Savino, who retired in November 2018, saved $152,948 toward a pension over 23 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Savino would collect as much as $2.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Savino received $61,313 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Savino will have already received $189,512 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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