Former firefighter Cruz paid in $138K to pension fund, could collect $3.23M in retirement

By Local Labs News Service

Dec 1, 2017

Former firefighter Alberto Cruz, who retired in November 2017, saved $137,541 toward a pension over 27 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Cruz would collect as much as $3.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cruz received $67,813 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cruz will have already received $137,660 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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