Lame duck legislators becoming public pension millionaires

Yep, it’s corrupt from the Capitol Building all the way down to your local school building. From the Examiner:

Illinois state rep. Skip Saviano lost his re-election bid last month, so his 20 years of work in the state legislature is soon coming to an end. But that doesn’t mean Illinois taxpayers can stop sending him checks.

The retiring Republican contributed $146,000 towards his legislative pension during his two decades of service. Using the current Illinois pension fund’s formula for retiring legislators and the Social Security Administration’s life expectancy data, Saviano is likely to receive $2.5 million in his golden years, according to Scott Reeder of Illinois Watchdog.

“That’s a far better deal than he could get in the private sector,” Reeder said in a report today. “In fact, the $146,000 he contributed toward his retirement is a real bargain. If he wanted to buy an annuity in the private sector with the same anticipated payout as his public pension, it would cost him $1.7 million.”

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