Chicago City Wire

Chicago City Wire

Monday, January 20, 2020

Former lieutenant Clifford paid in $190K to pension fund, could collect $4.11M in retirement

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By Local Labs News Service | Jan 1, 2018

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Former lieutenant Michael Clifford, who retired in December 2017, saved $189,774 toward a pension over 29 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Clifford would collect as much as $4.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Clifford received $86,446 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clifford will have already received $267,195 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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