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Sangamon Sun

Monday, November 25, 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.

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