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Sangamon Sun

Saturday, November 23, 2024

Former EMT firefighter Sanchez paid in $138K to pension fund, could collect $2.62M in retirement

Money 01

Former EMT firefighter Lorenzo Sanchez, who retired in September 2016, saved $137,978 toward a pension over 22 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Sanchez would collect as much as $2.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sanchez received $55,068 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sanchez will have already received $170,210 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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