We Paid For It: Pension Payment

Earlier this week, News 9 told you about a special provision in the state pension law, where some elected officials actually make more after they retire.

Friday, May 1st 2015, 10:41 pm

By: News 9


Earlier this week, News 9 told you about a special provision in the state pension law, where some elected officials actually make more after they retire. Lawmakers ended the perk in 2008, but hundreds remain "grandfathered" in.

4/27/2015 Related Story: 9 Investigates: Giant Pensions For Certain Elected Officials

Right now, the top earner who has retired is raking in around $175,000.

See the top 20 OPERS pensions.

Those amounts, News 9 found, will only get higher in time with future retirees on this plan. Take the example of one elected official and what they will earn if they retire at the end of their term in 2018. As a state employee for 26 years, they earned $85,000 a year -- then as an elected official for 12 years, they will have earned $129,198 dollars a year. This would have entitled them to $106,215.04 a year after they retire. But being eligible for the "extra" benefit, they could receive an extra $90,165.92.

With 850 officials already retired and another 350 plus to retire in the future, this pension provision will end up costing all of us more than a billion dollars extra.

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