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Sangamon Sun

Saturday, April 20, 2024

Former lieutenant Lamm paid in $192K to pension fund, could collect $4.03M in retirement

Money 04

Former lieutenant Alan Lamm, who retired in November 2016, saved $192,414 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, Lamm would collect as much as $4.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lamm received $84,797 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lamm will have already received $262,099 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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