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Sangamon Sun

Sunday, November 24, 2024

Former firefighter Parker paid in $141K to pension fund, could collect $3.72M in retirement

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Former firefighter Bruce Parker, who retired in November 2017, saved $140,742 toward a pension over 36 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Parker would collect as much as $3.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Parker received $78,259 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Parker will have already received $158,866 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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