Over 30 years of retirement, Melvin would collect as much as $1.44 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.
The projection assumes Melvin received $30,201 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Melvin will have already received $93,348 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.
Alerts Sign-up