Lake County Gazette

Lake County Gazette

Tuesday, December 10, 2019

Former state school employee Longacre paid in $34K to teachers' pension fund, could collect $1.11M in retirement

Schools

By Local Labs News Service | Aug 1, 2018

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Former state school employee Elizabeth Longacre, who retired in July 2018, saved $34,123 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Longacre would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Longacre received $23,358 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Longacre will have already received $47,417 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Beach Park Community Consolidated School District 3

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