Quantcast

Sangamon Sun

Sunday, November 24, 2024

Former EMT battalion chief Terry paid in $193K to pension fund, could collect $5.26M in retirement

Shutterstock 225154648

Former EMT battalion chief Lyrone Terry, who retired in November 2017, saved $192,839 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, Terry would collect as much as $5.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Terry received $110,557 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Terry will have already received $224,431 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS