Former EMT lieutenant Ponce De Leon paid in $224K to pension fund, could collect $4.27M in retirement

By Local Labs News Service

Feb 1, 2017

Former EMT lieutenant Luis Ponce De Leon, who retired in January 2017, saved $223,935 toward a pension over 36 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Ponce De Leon would collect as much as $4.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ponce De Leon received $89,673 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ponce De Leon will have already received $277,170 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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