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Chicago City Wire

Thursday, December 26, 2024

Former lieutenant O'Malley paid in $199K to pension fund, could collect $4.03M in retirement

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Former lieutenant Stephen O'Malley, who retired in November 2016, saved $198,707 toward a pension over 36 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, O'Malley would collect as much as $4.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes O'Malley received $84,797 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, O'Malley will have already received $262,099 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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