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Chicago City Wire

Wednesday, April 17, 2024

Former firefighter Haynes paid in $154K to pension fund, could collect $3.54M in retirement

Money 02

Former firefighter Lawrence Haynes, who retired in October 2018, saved $154,099 toward a pension over 31 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Haynes would collect as much as $3.54 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Haynes received $74,469 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Haynes will have already received $230,176 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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