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Sangamon Sun

Sunday, November 24, 2024

Former captain Dal Cerro paid in $187K to pension fund, could collect $4.41M in retirement

Money 01

Former captain Geno Dal Cerro, who retired in November 2017, saved $186,798 toward a pension over 28 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Dal Cerro would collect as much as $4.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Dal Cerro received $92,795 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dal Cerro will have already received $188,374 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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