Sangamon Sun

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Friday, April 3, 2020

Former lieutenant Peters paid in $164K to pension fund, could collect $4.16M in retirement

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By Local Labs News Service | Dec 1, 2018

Money041

Former lieutenant James Peters, who retired in November 2018, saved $164,280 toward a pension over 29 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Peters would collect as much as $4.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Peters received $87,434 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Peters will have already received $177,491 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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