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Chicago City Wire

Monday, December 23, 2024

Former lieutenant Otoole paid in $175K to pension fund, could collect $4.23M in retirement

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Former lieutenant Robert Otoole, who retired in November 2016, saved $175,332 toward a pension over 33 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Otoole would collect as much as $4.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Otoole received $88,924 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Otoole will have already received $180,516 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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