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Sangamon Sun

Monday, November 25, 2024

Former EMT fire engineer Tortorello paid in $140K to pension fund, could collect $3.47M in retirement

Money 02

Former EMT fire engineer Robert Tortorello, who retired in November 2017, saved $140,422 toward a pension over 26 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Tortorello would collect as much as $3.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Tortorello received $73,041 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tortorello will have already received $148,273 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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