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Sangamon Sun

Saturday, April 19, 2025

Former state university employee Bishop paid in $3K to pension fund, could collect $94K in retirement

Money 04

Former state university employee John Bishop, who retired in November 2016, saved $3,396 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bishop would collect as much as $94,136, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bishop received $1,978 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bishop will have already received $4,015 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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