Chicago City Wire

Chicago City Wire

Monday, November 18, 2019

Former firefighter Gillen paid in $176K to pension fund, could collect $3.55M in retirement

Schools

By Local Labs News Service | Dec 1, 2018

Money272

Former firefighter Donald Gillen, who retired in November 2018, saved $176,002 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, Gillen would collect as much as $3.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gillen received $74,545 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gillen will have already received $230,410 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about City of Chicago Fire Department ?

Sign-up Next time we write about City of Chicago Fire Department, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

City of Chicago Fire Department

More News