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Sangamon Sun

Tuesday, November 26, 2024

Former lieutenant Cortes paid in $211K to pension fund, could collect $4.16M in retirement

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Former lieutenant Edward Cortes, who retired in November 2018, saved $211,420 toward a pension over 30 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Cortes would collect as much as $4.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cortes received $87,434 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cortes will have already received $270,250 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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