Quantcast

Chicago City Wire

Sunday, September 29, 2024

Former fire engineer Anderson paid in $151K to pension fund, could collect $3.67M in retirement

Shutterstock 249974521

Former fire engineer Lance Anderson, who retired in December 2016, saved $150,661 toward a pension over 30 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Anderson would collect as much as $3.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Anderson received $77,113 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Anderson will have already received $156,539 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS