Sunday, November 23, 2014

ILL-inois: Failed governor Pat Quinn eligible for huge pension payout

Lame duck Gov. Pat Quinn
Two-and-a-half years ago Illinois governor Pat Quinn, who was defeated earlier this month in his reelection attempt, said he was "put on earth" to fix Illinois' underfunded pension system--which is in the hole by $100 billion.

On Friday a downstate judge ruled the fix crafted by his fellow Democrats was unconstitutional.

As for Quinn, who first worked for the state as a ghost-payroller, he's eligible for an annual pension $136,000 a year--even though he paid comparatively little into the fund. The Chicagoan is the poster child for what is wrong with Illinois pensions.

From the Chicago Sun-Times:
Quinn, 65, started working in state government in 1973 as an aide to then-Gov. Dan Walker. He;s worked on and off ever since – also serving as state treasurer, lieutenant governor and, finally, governor – cobbling together nearly 20 years of state-government service.

The way the pension system works in Illinois: State employees contribute a small share of their paychecks (4 percent at a minimum) toward future payouts, and taxpayers and pension investments cover the rest.

Over the years, Quinn has contributed a total of $190,847 toward his state pension, according to interviews and public records.

That means Quinn could recoup his investment in less than two years. And if he lives another 20 years, an average life expectancy for a man his age, he would (absent pension reform) collect a total of more than $3.6 million.

No comments: