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Sangamon Sun

Thursday, April 25, 2024

Former firefighter Hessberger paid in $109K to pension fund, could collect $2.36M in retirement

Money 02

Former firefighter Louis Hessberger, who retired in November 2016, saved $109,396 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, Hessberger would collect as much as $2.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Hessberger received $49,700 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hessberger will have already received $153,618 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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