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Sangamon Sun

Monday, November 25, 2024

Former EMT firefighter Ruiz paid in $157K to pension fund, could collect $3.01M in retirement

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Former EMT firefighter Mario Ruiz, who retired in November 2018, saved $156,643 toward a pension over 24 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Ruiz would collect as much as $3.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ruiz received $63,302 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ruiz will have already received $195,660 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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