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Chicago City Wire

Tuesday, November 26, 2024

Former lieutenant Trotter paid in $131K to pension fund, could collect $3.42M in retirement

Money041

Former lieutenant Kenneth Trotter, who retired in February 2017, saved $131,341 toward a pension over 25 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Trotter would collect as much as $3.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Trotter received $71,836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Trotter will have already received $145,827 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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