Chicago City Wire

Chicago City Wire

Thursday, January 23, 2020

Former firefighter Lee paid in $143K to pension fund, could collect $3.51M in retirement

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By Local Labs News Service | Jan 1, 2018

Money 08

Former firefighter Gregory Lee, who retired in December 2017, saved $143,363 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, Lee 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 Lee received $73,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lee will have already received $149,619 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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