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Chicago City Wire

Thursday, May 1, 2025

Former firefighter Frye paid in $148K to pension fund, could collect $3.5M in retirement

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Former firefighter Michael Frye, who retired in November 2017, saved $148,089 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, Frye would collect as much as $3.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Frye received $73,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Frye will have already received $149,406 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.