Former state school employee Ashcraft paid in $28K to teachers' pension fund, could collect $1.15M in retirement

By Local Labs News Service

Feb 1, 2016

Former state school employee Terese Ashcraft, who retired in January 2016, saved $28,126 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ashcraft would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Ashcraft received $24,247 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ashcraft will have already received $49,221 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Seja 804 Nssed

!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