Quantcast

Chicago City Wire

Sunday, September 29, 2024

Former firefighter Burke paid in $141K to pension fund, could collect $3.45M in retirement

Shutterstock 121161052

Former firefighter Robert Burke, who retired in December 2016, saved $141,333 toward a pension over 29 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Burke would collect as much as $3.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Burke received $72,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Burke will have already received $147,007 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS