Because of a pension sweetener for politicians that Madigan helped create, the former speaker’s pension will spike more than $66,000 the year after his first full year of retirement, then grow 3% each year thereafter.
Former Illinois House Speaker Michael J. Madigan will start receiving $7,100 in monthly pension benefits starting in March, but just more than a year later his benefits jump 78% to $12,600 per month.
The next year will bring him $66,000 extra thanks to a special pension sweetener available only to politicians, which the former speaker helped pass. It was eliminated for lawmakers elected after 2002.
Author(s): Adam Schuster
Publication Date: 19 February 2021
Publication Site: Illinois Policy Institute