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Sangamon Sun

Friday, April 19, 2024

Former EMT battalion chief Niego paid in $243K to pension fund, could collect $5.38M in retirement

Money 08

Former EMT battalion chief Charles Niego, who retired in November 2018, saved $242,589 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, Niego would collect as much as $5.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Niego received $112,999 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Niego will have already received $349,269 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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