Former firefighter Smycz paid in $94K to pension fund, could collect $2.09M in retirement

By Local Labs News Service

Jul 1, 2018

Former firefighter Raymond Smycz, who retired in June 2018, saved $94,097 toward a pension over 18 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Smycz would collect as much as $2.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Smycz received $43,860 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smycz will have already received $135,567 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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