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Sangamon Sun

Friday, April 19, 2024

Former lieutenant Howard paid in $174K to pension fund, could collect $4.22M in retirement

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Former lieutenant John Howard, who retired in November 2018, saved $173,594 toward a pension over 38 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 $4.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Howard received $88,600 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Howard will have already received $179,858 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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