Will County Gazette

Will County Gazette

Tuesday, February 25, 2020

Former state university employee Bump paid in $673 to pension fund, could collect $54K in retirement


By Local Labs News Service | Feb 1, 2019


Former state university employee Gregory Bump, who retired in January 2019, saved $673 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bump would collect as much as $53,522, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Bump received $1,125 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Bump will have already received $1,125 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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