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Sangamon Sun

Monday, November 25, 2024

Former EMT firefighter Martinez paid in $175K to pension fund, could collect $3.7M in retirement

Money 07

Former EMT firefighter Alan Martinez, who retired in November 2017, saved $174,849 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, Martinez would collect as much as $3.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Martinez received $77,697 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martinez will have already received $240,154 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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