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Quincy Reporter

Monday, December 23, 2024

Former state school employee Aschemann paid in $121K to teachers' pension fund, could collect $2.21M in retirement

Money759

Former state school employee Linda Aschemann, who retired in May 2018, saved $120,966 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Aschemann would collect as much as $2.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Aschemann received $46,385 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Aschemann will have already received $143,372 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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