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Chicago City Wire

Monday, December 23, 2024

Former firefighter Alberts paid in $118K to pension fund, could collect $2.63M in retirement

Money 04

Former firefighter Richard Alberts, who retired in November 2016, saved $117,609 toward a pension over 23 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Alberts would collect as much as $2.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Alberts received $55,323 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Alberts will have already received $170,998 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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