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Sangamon Sun

Sunday, November 24, 2024

Former paramedic Gonzalez paid in $214K to pension fund, could collect $4.44M in retirement

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Former paramedic Juan Gonzalez, who retired in November 2017, saved $214,487 toward a pension over 31 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Gonzalez would collect as much as $4.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gonzalez received $93,290 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gonzalez will have already received $288,351 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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