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Sangamon Sun

Friday, November 22, 2024

Former district chief Howard paid in $263K to pension fund, could collect $5.82M in retirement

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Former district chief Larry Howard, who retired in October 2016, saved $262,728 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, Howard would collect as much as $5.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Howard received $122,237 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howard will have already received $377,822 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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