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Conviction could cost Jackson pension

Nov. 27, 2012 at 11:50 AM   |   Comments

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CHICAGO, Nov. 27 (UPI) -- Ex-Rep. Jesse Jackson Jr., who said he was under investigation, could lose his pension under federal law if convicted on one of several corruption charges.

Jackson, 47, who represented a part of Chicago and southern suburbs for 17 years, remained out of the public eye Monday, five days after sending his letter of resignation to House Speaker John Boehner, R-Ohio. He had been on medical leave from Congress since June and has been receiving treatment at the Mayo Clinic in Minnesota.

After he left the clinic for the second time recently, media reports indicated Jackson was under a federal investigation for alleged misuse of campaign funds to pay for personal items. Jackson was reported in plea negotiations with federal prosecutors. He has not been charged.

National Taxpayers Union Executive Vice President Pete Sepp estimated Jackson could collect a pension of about $45,000 a year when he reaches age 62, the Chicago Tribune reported Tuesday. If he opts to begin drawing his pension at age 56, the sum would about $31,500 a year.

Congress earlier this year expanded the number of felony public corruption offenses that would result in the loss of a federal pension, adding crimes such as tax evasion, money laundering and offenses relating to soliciting political contributions.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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