Quantcast

Chicago City Wire

Monday, November 25, 2024

Former firefighter Biros paid in $98K to pension fund, could collect $1.64M in retirement

Money759

Former firefighter Edward Biros, who retired in September 2016, saved $98,377 toward a pension over 14 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Biros would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Biros received $34,476 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Biros will have already received $106,561 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS