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Chicago City Wire

Saturday, November 2, 2024

Former EMT firefighter Holzman paid in $81K to pension fund, could collect $1.7M in retirement

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Former EMT firefighter Paul Holzman, who retired in February 2019, saved $81,451 toward a pension over 13 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Holzman would collect as much as $1.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Holzman received $35,764 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Holzman will have already received $110,543 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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