Daley Wasting No Time Collecting Pension

Mayor Daley has a little more than two weeks left in office. While he does have some post-mayoral irons in the fire, His Elective Majesty is wasting no time in collecting his pension. Daley decided to start collecting his pension under the Illinois Retirement Systems Reciprocal Act, effective May 17. That's the day after he leaves office, y'all.

Daley is taking advantage of a rule for legislators in office prior to 1994 that allows him to set his pension based on his last government salary - his mayoral salary of $216,000. Daley is also combining his government service in one giant 40-year sum, rather than collect separate pensions from the city and state to account for his years as a state legislator and Cook County State's Attorney; a savvy decision on his part, given Illinois' struggle to fund worker pensions. Because Daley rolled all his government service into a cumulative period of service, he's entitled to the maximum 85 percent of his mayoral salary.

Daley will join 27 other retired Illinois politicians collecting annual pensions of more that $100,000. That list includes former Governors James Thompson and Jim Edgar, former state Senate President Emil Jones, former state Comptroller Dawn Clark Netsch and former Sen. Roland Burris, who collects a pension from his time as state comptroller.