In two years, when Jack Franks turns 55, he can start receiving his pension from the State of Illinois.
When Jack Franks turns 55 on October 2, 2018, he can begin drawing his legislative pension.
He stands to collect $2.3 million.
As of June 30, 2016, he contributed about $139,000.
What Jack Franks has paid into the General Assembly Retirement System.
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’.
Cal, me thinks that the kettle is calling the pot black.
I believe that you collect over 70,000 per year on your pension.
I don’t remember any big accomplishments during your tenure that warrants that pension.
I may have forgotten though.
I love too how folks like Cal Skinner (who get a pension) are saying Franks’ pension is an issue!
So funny.
Illinois pensions are a taxpayer nightmare created by politicians.
Ask Jack Franks about his Yes vote on Senate Bill 27 on May 29, 2005.
That was signed into law as Public Act 94-0004 by Democrat Governor Rod Blagojevich on June 1, 2005.
It inflicted all sorts of damage.
It changed the Republican Governor Jim Edgar / Democrat House Speaker Michael Madigan / Republican Senate President James Pate Philip Ramp, which was PA 88-0593.
Replacing it with the Democrat Governor Rod Blagojevich / Democrat House Speaker Michael Madigan / Democrat Senate President Emil Jones Jr plan.
Michael Madigan and Emil Jones Jr were also co-chairs of Governor Rod Blagojevich’s re-election campaign.
Senate Sponsors of PA 94-0004: Democrat Senator Jeffrey Schoenberg & Democrat Senator Martin Sandoval.
House Sponsors of PA 94-0004: Democrat Robert Molaro & Democrat Calvin Giles
Notable features of the Blagojevich / Madigan / Jones Jr Plan.
Here is some history of PA 94-0004:
Pension Note (H-AM 2)(Comm on Gov’t Forecasting & Accountability)
Senate Bill 27 (H-AM 2) reduces the required State contributions to the retirement systems by $1,177.9 million in FY 2006 and $1,131.6 million in FY 2007. (This was otherwise known as a pension holiday, shorting the pension funds $2.3 billion by diverting funding from pensions to schools and other programs that politicians facing re-election did not want to cut. The IEA, CPS, SEIU, & IFT unions supported this bill, although the IFT later claimed they didn’t support everything in the bill, they non-the-less submitted a witness slip to support the bill).
Reducing contributions in FY 2006 and FY 2007 will also reduce contributions in FY 2008 and FY 2009, as those contributions are based in part on the FY 2007 contribution amounts.
In addition, removing the separate ERI funding for SERS may result in lower contributions to SERS through FY 2015.
Reducing contributions in the early years of a funding plan increases the contributions that will be required in later years.
The FY 2008 through FY 2045 required State contributions have not yet been calculated.
The bill also makes several changes to the Pension Code which may reduce the growth in accrued liabilities.
A reduction in the growth rate of the accrued liabilities will result in lower required annual State contributions over the life of the funding plan.
The amount of the annual reductions has not been calculated.
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So rather than making the actuarial contributions as set forth in the funding plan in PA 88-0593, the ILGA just created their own reduced contribution in PA 94-0004 for FY 2006 & 2007.
And, the separate funding of the liability created by the 2002 SERS Early Retirement Incentive was eliminated.
If you are going to use someone else’s name, don’t expect your comment to show up.
Just to be Fair Cal- why not do the same analysis for Jack Schaffer, yourself, Mike Tryon, Pam ALthoff, Ken Kohler.
I mean the issue is a problem- but it is not a Jack Franks Problem- it is a state of Illinois Problem.
And your statement is not necessarily accurate- Mike Walk up will not draw a pension from his time on the County board- what the future holds is unknown.
You put yourself on a limb with a saw to bring this up without showing your own analysis.
Mark,
Why don’t you ask Walkup about his vote to create an unelected committee from two surrounding counties that could have regulated if you could fish on your own property?
Why don’t you ask Walkup about his campaign in 2012, when he ran on removing healthcare and pension benefits, then took the benefits himself?
Here’s the fine points kids…
First- This is Cals Blog.
He has a point of view and writes from it.
This blog is not, nor has ever claimed to be, a neutral journalistic opus.
Second- Jack Franks has explicitly voted for leadership and law which continuously beggars his neighbor while enriching the few while screaming for all who will listen he is a fiscally responsible tax fighter.
Jack Franks is a clear and open liar.
The other people you’ve decided to mention have never been in a position of being within the super majority to change the policies of Jack Franks and his party.
Jack Franks is explicitly the problem in McHenry County and should never be allowed elected platform to continue the policies of slavery he has thus far espoused and supported.
Third- If the liberal policies of redistribution of wealth and enslavement are so popular put on your big boy pants, start a blog in McHenry County and write about the hypocrisies of Walkup, Tryon, Althoff et al and influence your readership to believe as you do.
Believe me kids, as backwards and weak as your attacks on Cal are they only highlight the backwards and weak positions and ideas you espouse.
Get better.
Here is an update on Jack Franks.
Jack Franks is current Democrat 63rd District State Representative representing western McHenry County.
He was unopposed in the March 15, 2016 Democrat 63rd District State Representative primary, receiving 10,052 votes (he also received 27,333 votes as a Hillary Clinton 14th Democrat Delegate).
One of his supporters, Democrat Jeffery Lichte, ran as a Republican candidate against Steve Reick in that 63rd District Republican primary.
Steve Reick won with 8,829 votes vs 6,057 votes for Jeffery Licthe.
An Independent Expenditure PAC named Government for the People was filed with the Illinois State Board of Elections on March 7, 2016, supporting Jeffery Lichte and opposing Steve Reick.
On March 8, 2016, the IEA teacher union PAC (IPACE) reported sending $12,500 for mailers to oppose Steve Reick to the address of former Michael Madigan staffer Shaw Decremer, which the Chicago Tribune had previously identified as Michael Madigan’s top campaign aide (he has since moved on to become a registered lobbyist).
On March 9, 2016, IPACE reported the correct address for the March 8th expenditure should be 2978 Kentshire Circle, Naperville.
On May 15, 2016, Jack Franks announced he would run as Democrat for McHenry County Board Chair (he will face Republican Mike Walkup).
On July 7, 2016, the Illinois State Board of Elections website first reflected that Jack Franks had withdrawn as a candidate for Democrat 63rd District State Representative in the November 8, 2016 election.
On July 24, 2016, Jeffery Lichte was photographed wearing a Jack Franks hat and driving a Jack Franks support vehicle in the McHenry Fiesta Days parade, as reported on McHenry County Blog July 28, 2016.
So 4 1/2 months after running as a Republican, in a parade Jeffery Lichte was wearing a Jack Franks cap and driving a vehicle supporting Jack Franks as a Democrat.
http://mchenrycountyblog.com/2016/07/28/jeffrey-litche-sighting/#comments
Prior to the March 15, 2016 election, all indications were Jeffery Lichte was a Democrat and supported the Democrat party.
– He had voted Democrat.
– Google maps picture of his house showed a Jack Franks campaign sign in his lawn.
– He was listed on Jack Franks host committee fundraiser flyer
– He did not appear at the League of Womens Voters forum for candidates night forum, even though he was a candidate in the March 15, 2015 election.
– He had no campaign signs, no campaign literature, no campaign website, no picture of himself, not even a sign supporting himself in his lawn.
– Other than Mr. Lichte himself, all the petition signature gatherers to get his name on the ballot were from outside McHenry County.
Hey Moderate, thought you were going
To change your screen name ?
Also, you mentioned you have a job,
Is that one that has a state or county
Pension with it ?
Whoever is elected McHenry County Board Chairman will not draw a public pension for his time in office.
Thank you, Pot, for pointing out Kettle’s future county position’s benefit structure.
This absolute craziness you can state that Jack Franks is taking money from the state through his pension but to act as if no other politician does is nonsense.
No one is acting as if Jack Franks is the only politician that receives or will receive a state pension.
But Jack Franks did not opt out of his taxpayer funded pension, as man other legislators have.
many
The Supporters of Jack D Franks political action committee (PAC) has received over $1 Million in political contributions from labor unions.
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McHenry County Blog
Labor Unions’ Million Dollar Man
http://www.mchenrycountyblog.com/category/labor-unions-million-dollar-man
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$2 Million Pension
$1 Million from labor unions
Jobs and appointments for family and friends
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Jack Franks was unopposed in the March 15, 2016 primary election as Democrat candidate for 63rd District State Representative.
His supporter Jeffery Lichte filed to run as a Republican against Steve Reick.
Reick prevailed.
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On May 15, 2016 Jack Franks announced he was withdrawing as a candidate for 63rd District State Representative, and would instead run as the Democrat candidate for the inaugural voter elected McHenry County Board Chair position.
The Republican candidate for McHenry County Board Chair is Mike Walkup.
On July 7, 2016, the Illinois State Board of Elections website first revealed that Jack Franks had withdrawn as a Democrat candidate for the 63rd Representative District.
On July 9, 2016 the Democrat McHenry County Precinct Committeemen in the 63rd State Representative District chose John Bartman as the Democrat candidate for the 63rd District State Representative.
John Bartman is a friend of Jack Franks and the former Chair of the McHenry County Democrat Party.
John Bartman received a job at the Illinois Department of Transportation as a liaison in McHenry County in 2003.
That was after State Representative Jack Franks wrote a letter dated February 27, 2003 to the Deputy Director of Intergovernmental Affairs in the Governor Rod Blagojevich administration, requesting that John Bartman be considered for a job at IDOT.
The letter had job and appointment requests for 11 others as well, the top 3 on the list, as ranked in priority order, were the wife, father, and a brother for Jack Franks.
Herb Franks, the father of Jack Franks, was appointed to the Illinois Courts Commission.