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

By Local Labs News Service

Jan 1, 2018

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.

ORGANIZATIONS IN THIS STORY

City of Chicago Fire Department

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate