Editor’s note – the following is from Fox News Chicago:
Pension expert Bill Zettler said the special provision was slipped into state law decades ago by politicians eager to get union support. In his view, it’s legalized corruption.
“[Foley is] getting a 25 percent return on his money because he’s the head of a union and he’s involved in city politics. He’s a very powerful political player. You and I cannot get 25-percent,” Zettler said.
Zettler ran the numbers for us, and based on actuarial tables those six union officials stand to collect an additional $12 million in city pension money over their expected lifetimes, all from an investment of $1.1 million.