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Chicago City Wire

Thursday, December 26, 2024

Former lieutenant Pallister paid in $169K to pension fund, could collect $3.57M in retirement

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Former lieutenant Mark Pallister, who retired in November 2016, saved $168,873 toward a pension over 26 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Pallister would collect as much as $3.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pallister received $74,936 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pallister will have already received $231,620 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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