Quantcast

Sangamon Sun

Friday, May 3, 2024

Former state university employee Darden paid in $86K to pension fund, could collect $1.78M in retirement

Money041

Former state university employee Melton Darden, who retired in July 2016, saved $85,918 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Darden would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Darden received $37,319 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Darden will have already received $115,350 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS