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Kankakee Times

Saturday, April 20, 2024

Former state school employee Ash paid in $57K to teachers' pension fund, could collect $1.18M in retirement

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Former state school employee Linda Ash, who retired in June 2016, saved $56,977 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ash would collect as much as $1.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Ash received $24,813 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ash will have already received $76,694 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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