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Today’s numbers

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Illinois

* The Moline Dispatch took a look at how much some politicians put into their pensions vs. how much their cash benefits have been worth to date…

– Former Gov. Jim Edgar: $134,853 annually; $1.252 million total to date. His total contributions: $164,657.

– Former Gov. James Thompson: $131,031 annually; $2.023 million total to date. His total contributions: $84,966.

– Former Attorney General Roland Burris: $129,162 annually; $1.743 million total to date. His total contributions: $134,680.

Then again, our last two governors are ineligible to receive pensions, so maybe the bright side is their lawbreaking helped the pension fund a little bit.

posted by Rich Miller
Wednesday, May 30, 12 @ 9:22 am

Comments

Rich - I suspect the costs of prosecuting the two most recent incarcerated Governors likely undid the vast majority (if not all) of the pension savings.

Comment by titan Wednesday, May 30, 12 @ 9:34 am
“Then again, our last two governors are ineligible to receive pensions, so maybe the bright side is their lawbreaking helped the pension fund a little bit. ”

Blago got a refund - http://www.nbcchicago.com/blogs/ward-room/Blago-Loses-22000-141100713.html

Ryan did too - http://articles.chicagotribune.com/keyword/george-ryan/recent/4

Comment by llew Wednesday, May 30, 12 @ 9:42 am
Well, at least we’re not Pennsylvania.

Joe Paterno’s pension payout is over $13 million.

http://www.reuters.com/article/2012/05/23/us-usa-paterno-pension-idUSBRE84L1A120120523

Comment by Anonymous Wednesday, May 30, 12 @ 9:44 am
And people wonder why this pension system is unsustainable?

Comment by Plutocrat03 Wednesday, May 30, 12 @ 9:53 am
This type of analysis is a bit misleading. Due to the economic efficiencies (e.g. pooled risk) of a defined benefit plan, investment earnings, created over a long period by the pooling of employee and employer contributions, pay the majority of a person’s benefit.

Comment by Anon Wednesday, May 30, 12 @ 9:54 am
Well maybe elected officials should have to work 30 years to qualify. Let’s ee that put not the pension reforms.

Comment by Fed up Wednesday, May 30, 12 @ 10:04 am
What an incredibly dumb chart. The retirement systems are funded by a “three-legged stool” — the employee contributions, employer contributions and investment gains over time. By only showing one of those three revenue streams these figures are incomplete at best.

Comment by Reality Check Wednesday, May 30, 12 @ 10:08 am
Our electeds are so much smarter than we ever give them credit. If they only put as much effort in to the entire state as they do for themselves. Just imagine the possibilities.

Comment by justbabs Wednesday, May 30, 12 @ 10:18 am
–And people wonder why this pension system is unsustainable?–

Right. The numbers are similar for your typical janitor or food service worker.

Comment by wordslinger Wednesday, May 30, 12 @ 10:21 am
Reality Check
Thanks for pointing out the fatal flaw in that QC Times analysis.

Comment by reformer Wednesday, May 30, 12 @ 11:18 am
Titan, the costs of prosecution were borne by the feds, not the State.

Comment by Anonymous Wednesday, May 30, 12 @ 1:18 pm
Paterno personally gave penn state $5 million over the years and probably raised 10s of millions of other dollars, that’s not counting whatever his players gave, what that football program did for the university ect. Sorry but penn state got their money out of joe pa.

Comment by Shore Wednesday, May 30, 12 @ 1:38 pm
Why not research and post the average numbers instead of just giving outliers?

Comment by Choice? Wednesday, May 30, 12 @ 2:31 pm
I don’t care if you have a 10 legged stool… turning 84 k into 2 million? and that’s somehow justified?? unbelievable..

Comment by Lance Stevens Wednesday, May 30, 12 @ 2:36 pm
I like to know how much Mike Madigan’s pension will be when he retire’s don’t play with his number’s. It’s not fair to all State workers that
gave and worked hard every day. Mr Speaker we the workers of State Of Illinois made you look good for your years in office.

Comment by Lucky Thursday, May 31, 12 @ 9:05 am