In two years, when Jack Franks turns 55, he can start receiving his pension from the State of Illinois.
He stands to collect $2.3 million.
As of June 30, 2016, he contributed about $139,000.
The taxpayers will foot the bill for most of the rest. (Some will come from investment income.)
For those of you interested in the details, here’s how the system works.
Jack is paid $78,163 per year, including salary and a bonus stipend for serving as a committee chair at the appointment of House Speaker Mike Madigan.
Because he will have served in the legislature for 18 years as of next January, he’ll be eligible to receive 75% of that amount immediately: $58,622.
And when he turns 60, his pension goes up 3% every year – guaranteed by the taxpayers. (https://www.srs.illinois.gov/
If Jack lives to 83, the average age for a male age 53, he’ll collect a total of $2.3 million.
Mike Walkup, against whom Franks is running for McHenry County Board Chairman, will never draw a public pension.
The approximate annual savings from the McHenry County Board’s pulling themselves out from the Illinois Municipal Retirement Fund pension system, at Jack Franks’ instigation, is estimated to be $52,750 per year.
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A comparison of what I paid into the General Assembly Retirement System for mytwenty-four years of pension credits versus what I am projected to receive would show results similar to Franks’.