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Chicago City Wire

Sunday, January 12, 2025

Former lieutenant Purcell paid in $177K to pension fund, could collect $4.03M in retirement

Money 04

Former lieutenant Kenneth Purcell, who retired in November 2016, saved $177,128 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, Purcell would collect as much as $4.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Purcell received $84,797 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Purcell will have already received $262,099 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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