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Sangamon Sun

Monday, November 25, 2024

Former captain Pallister paid in $194K to pension fund, could collect $4.41M in retirement

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Former captain Kenneth Pallister, who retired in November 2017, saved $193,681 toward a pension over 28 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Pallister would collect as much as $4.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pallister received $92,795 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pallister will have already received $286,820 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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