How Shortshanks Screwed All
The Tribune continues to write like they just found the key to the safety deposit box with their balls in it. Another broadside at the Daley years:
- Two years into his reign as Chicago's longest-serving mayor,Richard M. Daleytook advantage of the state's convoluted pension system to significantly increase his potential payout while saving $400,000 in contributions, a Tribune/WGN-TV investigation has found.
Daley, a former state senator, made it happen by briefly rejoining the legislative pension plan in 1991. He stayed there just one month before returning to Chicago's municipal pension fund, but the switches made him eligible for benefits worth 85 percent of his mayoral salary — a better rate than all other city employees receive.
He was just 49 years old at the time. Even if Daley had never won another election, he could have started collecting a public pension at age 55 of $97,750 a year. Without the steps he took, his public pension benefits at that age would have been worth just $20,686.
But remember, it's those evil police, firefighters and teachers bankrupting the funds.