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Chicago City Wire

Sunday, December 22, 2024

Former firefighter Gundersen paid in $136K to pension fund, could collect $3.11M in retirement

Money 04

Former firefighter Mark Gundersen, who retired in December 2018, saved $135,650 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, Gundersen would collect as much as $3.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gundersen received $65,365 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gundersen will have already received $202,037 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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