Former battalion chief Piemonte paid in $153K to pension fund, could collect $4.98M in retirement

By Local Labs News Service

Aug 1, 2017

Former battalion chief Mark Piemonte, who retired in July 2017, saved $153,229 toward a pension over 37 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Piemonte would collect as much as $4.98 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Piemonte received $104,757 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Piemonte will have already received $212,657 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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