Jim Edgar has been getting a lot press lately for pushing Speaker Mike Madigan’s $7,000,000,000 out of balance spending spree. What he isn’t talking about is why Illinois’ finances are in such shambles. Notice that he doesn’t talk about a quarter of our budget goes to fund pensions. He doesn’t talk about the pension debt that crowds out spending on the mentally handicapped or educating our children. No talk about the fact that Jim Edgar mortgaged our pensions through his infamous “Edgar Pension Ramp”!...
As of Jan 2016, Jim Edgar’s GARS pension info:
|Name||Current Annual Pension||Member Contributions to Pension Fund||Age at Retirement||Total Pension Collected to Date||Estimated Lifetime Pension Payout*||Employee Contribution % of Est. Lifetime Payout|
|EDGAR, JAMES R||$156,331||$164,657||55||$1,846,427||$4,754,013||3.5%|
22 years ago both Jim Edgar and Mike Madigan colluded on a plan to allow them both to spend more money than they had. They knew that fully funding pensions was expensive and the legislature, like a pay-day loan store, would allow them to come up with scheme that could pass billions of debt to the next generation. That’s right, today’s millennials will eventually have to pay off the money Edgar borrowed from the pension funds of teachers, cops, firefighters, and other civil servants.
On the topic of Edgar and pensions, did you know that Jim Edgar only contributed $164k total to his pension plan? He currently collects $13,027.58 per month in pension and it only took him about 13 months into retirement to recoup his entire contribution back. Jim Edgar is a pension millionaire and stands to rake in over $4.7 Million. That isn’t a modest pension, that’s a lottery payout!
For more information on why Jim Edgar is part of problem click here: