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Chicago City Wire

Tuesday, November 26, 2024

Former firefighter Nole paid in $111K to pension fund, could collect $2.38M in retirement

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Former firefighter Robert Nole, who retired in February 2017, saved $110,850 toward a pension over 21 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Nole would collect as much as $2.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Nole received $50,054 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nole will have already received $154,713 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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