An investigation by the Chicago Tribune and WGN-TV has found that former Chicago Mayor Richard M. Daley was able to greatly expand his pension while saving $400,000 in
Thanks to some maneuvering within the state pension system, Daley receives benefits totaling nearly $184,000 a year. That’s about $50,000 more than he would have otherwise received.
The investigation published in Wednesday’s Tribune found Daley was able to do this by briefly rejoining the legislative pension plan that he was part of as a state senator. One month later, he returned to the Chicago municipal pension fund.
That switch came two years into his time as mayor and made Daley eligible for a pension worth 85 percent of his mayoral salary. That’s better than any other city employee gets.