Quantcast

Sangamon Sun

Monday, November 25, 2024

Former firefighter Castro paid in $45K to pension fund, could collect $3.39M in retirement

Shutterstock 443523118

Former firefighter Humberto Castro, who retired in February 2016, saved $44,736 toward a pension over 29 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Castro would collect as much as $3.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Castro received $71,231 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Castro will have already received $71,231 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS