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Chicago City Wire

Thursday, May 1, 2025

Former firefighter Panatera paid in $161K to pension fund, could collect $3.09M in retirement

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Former firefighter Lawrence Panatera, who retired in October 2017, saved $160,911 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, Panatera would collect as much as $3.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Panatera received $64,870 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Panatera will have already received $200,506 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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