A tax watchdog columnist says the amount of judges making more in retirement than when they were on the bench stuck out when he reviewed all six of the state’s pension funds. The Daily Herald’s Jake Griffin says when he reviewed the funds and pension payouts, he found 40 percent of judges were making more in retirement than when they were actually working as judges.
Griffin says that’s because of how the pensions are structured.
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Griffin says it doesn’t take long to get over the 100 percent threshold with the 3 percent compounded cost of living allowance. There are nearly 790 retired judges with more than 300 getting an average of $25,000 more than their final salaries. All told, those 300 are drawing $7.9 million. Griffin’s investigation compared the numbers to those of retired legislators. There are 310 retired legislators, with 104 making a combined $2.2 million above final salary. Illinois unfunded pension liability is $111 billion and growing.