Chicago City Wire

Chicago City Wire

Saturday, December 14, 2019

Former firefighter Pemberton paid in $288K to pension fund, could collect $2.68M in retirement


By Local Labs News Service | Jan 1, 2018

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Former firefighter Kurt Pemberton, who retired in December 2017, saved $287,817 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, Pemberton 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 Pemberton received $56,313 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Pemberton will have already received $298,971 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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