Former state school employee Bishop paid in $113K to teachers' pension fund, could collect $2.4M in retirement

By East Central Reporter Reports

Jun 1, 2016

Former state school employee Timothy Bishop, who retired in May 2016, saved $112,542 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bishop would collect as much as $2.4 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Bishop received $50,359 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bishop will have already received $155,655 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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