Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former EMT lieutenant Hardaman paid in $181K to pension fund, could collect $4.09M in retirement

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By Local Labs News Service | Jan 1, 2017

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Former EMT lieutenant Terrence Hardaman, who retired in December 2016, saved $181,291 toward a pension over 28 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Hardaman would collect as much as $4.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hardaman received $85,951 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hardaman will have already received $265,667 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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