Chicago City Wire

Chicago City Wire

Saturday, December 7, 2019

Former fire engineer Bradford paid in $160K to pension fund, could collect $3.26M in retirement


By Local Labs News Service | Nov 1, 2017

Money 01

Former fire engineer Russell Bradford, who retired in October 2017, saved $159,643 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, Bradford would collect as much as $3.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bradford received $68,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bradford will have already received $212,033 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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