Chicago City Wire

Chicago City Wire

Friday, November 15, 2019

Former firefighter Dampier paid in $171K to pension fund, could collect $3.51M in retirement

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By Local Labs News Service | Jan 1, 2018

Money 06

Former firefighter Marlon Dampier, who retired in December 2017, saved $170,882 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, Dampier would collect as much as $3.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Dampier received $73,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dampier will have already received $227,811 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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