Chicago City Wire

Chicago City Wire

Thursday, January 23, 2020

Former firefighter Allen paid in $128K to pension fund, could collect $2.93M in retirement

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By Local Labs News Service | Jan 1, 2018

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Former firefighter Andre Allen, who retired in December 2017, saved $127,936 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, Allen would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Allen received $61,572 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Allen will have already received $190,313 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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