Sangamon Sun

Sangamon Sun

Friday, April 3, 2020

Former EMT captain Prestia paid in $221K to pension fund, could collect $4.93M in retirement


By Local Labs News Service | Dec 1, 2018

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Former EMT captain Phillip Prestia, who retired in November 2018, saved $220,686 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, Prestia would collect as much as $4.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Prestia received $103,618 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Prestia will have already received $320,274 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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