Nobody knows how to game the system for personal gain like an Illinois lawmaker. The political class voted themselves tens of millions of dollars in lifetime pension payouts. It’s time end their ‘pension palace.’
Illinois lawmakers have one of the sweetest retirement deals on planet earth. It’s supposed to be a ‘part-time’ job in the general assembly, but now taxpayer funded legislator pension costs exceed most base salaries. Last year, taxpayers paid a whopping $71,818 per legislator ($15.8 million in FY2015) to fund their ‘golden parachute’ retirement plans. See the top all-time General Assembly Retirement System pensions here.
At OpenTheBooks.com, we looked at who’s receiving what, when and for how long. The results would make Public Enemy #1, the 1930s bank robber John Dillinger, blush. For example, the #1 all-time pension goes to a 31-year long-forgotten state senator. Retiring from Springfield in 2000, with a pension spiking stop at the Chicago schools, Arthur Berman (D) now takes $19,652 a month ($235,824) in annual pension – nearly four times more than he ever made as a Springfield lawmaker.
Here are just some of the Illinois lawmaker ‘big-dogs’ from both parties:
Retired Chicago Mayor Richard J. Daley (D) makes $132,384 a year in state lawmaker pension – from a short eight-year ‘career’ as a state senator (plus some pension spiking tricks).
Former Governor Jim Edgar (R) costs taxpayers $337,816 per year: a $156,324 pension, plus an $181,492 salary (FY2013) at our flagship University of Illinois at Champaign.
In 2010, former Governor George Ryan (R) had a $197,028 annual pension ($16,419/month), but it was stripped away by the successful public corruption prosecution conviction.
Even former Speaker of the House Denny Hastert (R) cashed in for a $28,020 ($2,335/month) legislative state pension before heading off to his congressional career.
Both Democrats and Republicans have engineered a system of compliance and largesse – give no pain to party leadership and the lawmaker gets all the gain. As soon as lawmakers ‘retire,’ they move into a pension palace.
Of course, even the losers get into pension palace. Consider the ‘casualties’ of the 2014 elections: