Former lieutenant Glad paid in $156K to pension fund, could collect $4.03M in retirement

By Local Labs News Service

Dec 1, 2016

Former lieutenant Richard Glad, who retired in November 2016, saved $155,703 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, Glad would collect as much as $4.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

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

After 2 years of retirement, Glad will have already received $172,138 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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