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Madigan collects $7,093 in first state pension check

Daily Herald

Monday, April 5, 2021  |  Article  |  N/A

Former Illinois House Speaker Michael J. Madigan, who resigned amid an ongoing federal investigation, just collected his first pension check -- the initial payment in what could become one of the richest retirement payouts to any Illinois legislator.

Madigan was toppled by his own party in January over a federal indictment that didn't charge Madigan, long the state's most powerful politician, with any crime. But it charged ComEd officials and a Madigan loyalist with conspiring to influence and reward the speaker.He got his first pension check -- for $7,093 -- on March 24.Madigan's annual pension is $85,117. It will increase 75% in July 2022, to $148,955. That huge increase is the result of two factors -- an automatic 3% cost-of-living increase and 24 other increases of 3% each, one for each year he served once he reached his 55th birthday and 20 years of service.