Chicago City Wire

Chicago City Wire

Monday, November 18, 2019

Former fire engineer Lacy paid in $139K to pension fund, could collect $2.61M in retirement


By Local Labs News Service | Mar 1, 2019


Former fire engineer Lemuel Lacy, who retired in February 2019, saved $139,175 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, Lacy would collect as much as $2.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lacy received $54,842 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lacy will have already received $169,511 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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