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Sangamon Sun

Thursday, April 25, 2024

Former firefighter Contreras paid in $169K to pension fund, could collect $3.45M in retirement

Money 05

Former firefighter John Contreras, who retired in December 2016, saved $169,092 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, Contreras would collect as much as $3.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Contreras received $72,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Contreras will have already received $223,835 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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