I speculated yesterday that retiring Illinois Senate President Emil Jones (D-Chicago) would retire from his legislative post, take a job with best buddy and Governor Rod Blagojevich’s administration, then resign with a higher pension base than his current $95,313 and get the pension he thinks he deserves.
Then, he can take the job that everyone thinks he will get with newly-elected President Barack Obama.
With his current final salary, upon which pensions of those in the General Assembly Retirement System are based, Jones can expect to get $81,016 the first year, if he requests it right after his senate service ends, presumably next January. (85% times $95,313.)
Twelve months after his first check, a calculation called “accrual” by the pension administrators kicks in.
An additional amount equal to 3 percentage point times the number of years since Jones was eligible for retirement will be added to his annual pension.
His colleague and close ally State Senator Rickey Hendon revealed on TV that Jones had 36 years of pension credits.
That seems to count each of his legislative years.
I heard that he was a city sewer inspector. If those years were before he served in the legislature, the number to be multiplied by 3 percentage points would be larger.
Anyway, at minimum, Emil Jones’ pension would increase by 16 times 3 percentage points.
So, the January after next, Jones could expect an extra $38,877 a year resulting from not having retired after twenty years employment in government.
Totaling $119,904 per year.
But it would really be a bit larger than that because next July 1st, Jones, along with all other public pensioners, will get their annual 3% “cost of living” increase.
Of course, if Jones delayed his retirement a month, he could receive a much, much larger pension increase a year into retirement…if Blagojevich gives him a job paying, say, $150,000, and he retires using that as his pension salary base in February.
85% times $150,000 equals $127,500.
$127,500 times 148% equals $188,700.
And, as I mentioned above, if Jones were on a public payroll before he took office as state representative in 1973, the 48% would be an addition 3 percentage points times that number of years.