Former district chief Howard paid in $263K to pension fund, could collect $5.82M in retirement

By Local Labs News Service

Nov 1, 2016

Former district chief Larry Howard, who retired in October 2016, saved $262,728 toward a pension over 37 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 $5.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Howard received $122,237 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howard will have already received $377,822 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

City of Chicago Fire Department

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate