Former EMT lieutenant Harmon paid in $185K to pension fund, could collect $4.03M in retirement

By Local Labs News Service

May 1, 2018

Former EMT lieutenant Timothy Harmon, who retired in April 2018, saved $185,118 toward a pension over 27 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Harmon 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 Harmon received $84,620 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harmon will have already received $261,553 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