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Chicago City Wire

Sunday, September 29, 2024

Former EMT fire engineer Dwyer paid in $138K to pension fund, could collect $2.54M in retirement

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Former EMT fire engineer Timothy Dwyer, who retired in October 2016, saved $137,803 toward a pension over 20 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Dwyer would collect as much as $2.54 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Dwyer received $53,457 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dwyer will have already received $165,231 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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