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Sangamon Sun

Monday, November 25, 2024

Former state university employee Bishoff paid in $3K to pension fund, could collect $61K in retirement

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Former state university employee Steven Bishoff, who retired in July 2017, saved $3,481 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bishoff would collect as much as $61,212, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bishoff received $1,286 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bishoff will have already received $3,976 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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