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Chicago City Wire

Tuesday, April 16, 2024

Former firefighter Kelley paid in $144K to pension fund, could collect $2.68M in retirement

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Former firefighter Michael Kelley, who retired in December 2017, saved $143,900 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, Kelley would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kelley received $56,313 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelley will have already received $174,057 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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