Former House Speaker Michael Madigan, after 50 years as a member of the Illinois House and a contributor into one of the state’s five pension funds, the General Assembly Retirement System, will receive an annual pension of around $85,117, about 85% of his final salary.
In July 2022, his pension will rise to about $148,995 due to padding lawmakers built into the system for themselves over the years. He’ll receive a guaranteed 3% raise on his pension each year, no matter what the actual cost of living is.
During those 50 years in office, Madigan contributed from his own paycheck about $351,000 toward his retirement account. He quickly will start receiving far more than he put in.
Author(s): Editorial board
Publication Date: 26 February 2021
Publication Site: Chicago Tribune