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Former firefighter and paramedic Alvarado paid in $165K to pension fund, could collect $4.09M in retirement

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By Local Labs News Service | Dec 1, 2018

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Former firefighter and paramedic Arturo Alvarado, who retired in November 2018, saved $164,832 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, Alvarado would collect as much as $4.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Alvarado received $85,950 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Alvarado will have already received $174,479 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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