Quantcast

Chicago City Wire

Monday, December 23, 2024

Former captain Stanley paid in $208K to pension fund, could collect $4.84M in retirement

Money 04

Former captain Julius Stanley, who retired in November 2016, saved $208,491 toward a pension over 39 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Stanley would collect as much as $4.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Stanley received $101,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stanley will have already received $314,357 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS