Former lieutenant Glover paid in $156K to pension fund, could collect $4.11M in retirement

By Local Labs News Service

Dec 1, 2017

Former lieutenant Gerald Glover, who retired in November 2017, saved $156,036 toward a pension over 30 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Glover would collect as much as $4.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Glover received $86,323 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Glover will have already received $175,236 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City of Chicago Fire Department

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