Republican State Rep. candidate Steve Reick has been looking at the over $100 billion state pension problem since he first ran against Jack Franks two years ago.
In January, he came up with a new approach, which is outlined below:
If you’re like me, you have a hard time wrapping your head around such amounts.
I therefore thought it would be easier to put the situation into context by showing how much the state is behind on funding the vested pension benefits of one particular career employee.
I scoured the state employee list and came up with a random career employee, and found one Rep. Jack D. Franks (D-Madigan).
Reick points out that Franks is “our typical career state employee, having been a member of the General Assembly for 18 years (9 terms after promising to only run for 3).”
If Franks loses the 2016 election, he will be paid 75% of his final year’s salary.
If he wins and serves two more years, the percentage goes up to 85%.
Reick goes on to underestimate the pension payments that Franks will receive. (“Underestimate,” because he does not include the extra bonus that Franks gets for being chairman of a minor committee.)
You can read his calculations here. Reick estimates over a $2.5 million lifetime payout.
In a second and more recent article, Reick pledges not to take a legislative pension, if he beats Jack Franks in November:
With all the attention being paid over the kerfuffle about County Board pensions instigated by Local 150 and its Legislative pet snake, I thought this would be a good time to let you know that when I take office in January of 2017, my first order of business will be to decline to take a legislative pension.
Reick ends his March 20th article with this:
Perhaps the state’s pension plans wouldn’t be in the shape they’re in had Franks paid as much attention to them as he’s paying to what’s going on here with the County Board.
I guess we’ll never know, but after 18 years he still refuses to take responsibility for anything that happens in Springfield.