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Former EMT lieutenant Owsianiak paid in $164K to pension fund, could collect $3.01M in retirement

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By Local Labs News Service | Dec 1, 2018

Money 02

Former EMT lieutenant David Owsianiak, who retired in November 2018, saved $164,380 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, Owsianiak 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 Owsianiak received $63,370 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Owsianiak will have already received $195,870 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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