McLean County Times

McLean County Times

Sunday, November 17, 2019

Former state university employee Armbrust paid in $12K to pension fund, could collect $146K in retirement

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By Local Labs News Service | May 21, 2019

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Former state university employee Michael Armbrust, who retired in April 2019, saved $11,886 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Armbrust would collect as much as $146,151, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Armbrust received $3,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Armbrust will have already received $12,852 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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