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Chicago City Wire

Sunday, September 29, 2024

Former firefighter Corbett paid in $136K to pension fund, could collect $2.5M in retirement

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Former firefighter Kathleen Corbett, who retired in December 2016, saved $135,609 toward a pension over 22 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Corbett would collect as much as $2.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Corbett received $52,528 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Corbett will have already received $162,359 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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