Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former firefighter and paramedic Lyon paid in $138K to pension fund, could collect $2.45M in retirement


By Local Labs News Service | Jul 1, 2016


Former firefighter and paramedic Howard Lyon, who retired in June 2016, saved $138,025 toward a pension over 20 years working for fire departments, Firemen's Annuity and Benefit Fund of Chicago records show.

Over 30 years of retirement, Lyon would collect as much as $2.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lyon received $51,482 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lyon will have already received $159,125 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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