Quantcast

Chicago City Wire

Wednesday, April 24, 2024

Former fire engineer Walker paid in $178K to pension fund, could collect $3.67M in retirement

Money759

Former fire engineer Calvin Walker, who retired in December 2016, saved $178,232 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, Walker 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 Walker received $77,113 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walker will have already received $238,348 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS