From the Chicago Sun-Times

45% pension increase on tap next month
December 18, 2003
BY TIM NOVAK Staff Reporter

Former Gov. George Ryan will get a 45 percent bump in his state pension next
month because of an unusual quirk in the Illinois retirement plan for
legislators and governors.
Ryan's pension will soar from $128,087 to $185,727, significantly more than
the $150,691 salary he made as governor.
Ryan, 69, will have the richest pension of any retired Illinois governor.
But he will lose the pension, as well as his medical benefits, if he's
convicted of the corruption charges federal officials lodged against him
Wednesday.
Ryan's pension illustrates the lucrative retirement plans that legislators
and governors have given themselves.
Those with 20 years of service get a maximum pension equal to 85 percent of
their final salary, which Ryan has been drawing for the last year.
For each additional year of service, they gave themselves a 3 percent
increase, which kicks in one year after they retire. Ryan left office with
more than 34 years of service, entitling him to a 42 percent bump in his
pension next month, state pension officials said.
Besides the 42 percent increase, Ryan is also getting a 3 percent
cost-of-living hike next month.
The extra credit perk that Ryan will get next month is being phased out
under a law passed this year because so many legislators and officials were
ending up with pensions larger than their salaries. Only those already in
the retirement plan can still collect the extra pension credit.