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Sangamon Sun

Tuesday, November 26, 2024

Former fire engineer Perez paid in $201K to pension fund, could collect $3.78M in retirement

Money272

Former fire engineer Roger Perez, who retired in November 2018, saved $200,968 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, Perez would collect as much as $3.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Perez received $79,379 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Perez will have already received $245,352 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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