Chicago City Wire

Chicago City Wire

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Former firefighter Nelson paid in $113K to pension fund, could collect $2.5M in retirement

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By Local Labs News Service | Feb 1, 2017

Money041

Former firefighter Derrick Nelson, who retired in January 2017, saved $113,135 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, Nelson 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 Nelson received $52,648 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nelson will have already received $162,729 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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