With his career in public service over, ex-Assembly Speaker Sheldon Silver promptly filed for retirement Tuesday — a day after his conviction on corruption charges.

Silver stands to get a pension of as much as $98,000 a year because of his 44 years of public service and a salary that had reached $121,000 when he was collecting his base salary of $79,500 a year and $41,500 as speaker, the Empire Center estimated.

Silver, 71, gets the Cadillac of public pensions: Tier 1, which brings the most benefits to a retiree. New York is already up to Tier VI for new employees, which requires higher contributions and less generous payouts at retirement.

Silver first joined the state pension system on May 24, 1971, when he started his career as a law secretary in state civil court, according to the state Comptroller’s Office, which confirmed that Silver filed for retirement.

Silver was elected to the Assembly in 1977 and was elected by his peers as speaker in 1994 — a post he held until February when he stepped down after his arrest.

Under the state constitution, Silver is entitled to keep his pension despite the conviction, adding to him a lengthy list of convicted politicians who get their taxpayer-funded retirement.

New York’s pension system is paying out about $531,000 a year to 14 former state lawmakers and officials who have been convicted of a crime, Gannett’s Albany Bureau reported in April.

As part of ethics reforms four years ago, the state Legislature and Gov. Andrew Cuomo approved a law that allows a judge to order the forfeiture of retirement benefits for elected officials convicted of crimes who took office after 2011.

But a bill that would have let a judge make a broader constitutional change that allows pensions to stripped dating back at least 10 years hasn’t been approved. The Legislature has not agreed on a deal, passing separate versions in the Senate and Assembly of a pension forfeiture bill this year.

Even if the sides reach a deal next year, the measure would change the state constitution. So it would have to be passed by consecutively elected Legislatures, as well as approved by voters at the polls. The earliest that could happen would be 2017.

U.S. Attorney Preet Bharara has sought to go after public officials’ pensions, but it has generally been for officials struggling to pay their fines or restitution. So he was able to dock their pensions.

That likely won’t be the case with Silver, who had $3.8 million from eight different bank accounts seized by the government at the start of his trial Nov. 2.

© 2015 Gannett News Service

You may also like

EDITORIAL: FOILed by a judge: Manhattan jurist Melissa Crane must speed it up on making police pensions public

Long ago the Empire Center for Public Policy asked the NYPD Pension Fund for the names of retirees and how much each is paid, to add the data to its indispensable database on how New York taxpayer dollars are spent. Read More

Super superintendent pensions soar over $200,000 for 12 Hudson Valley schools chiefs

Overall, 52 educators from the Hudson Valley in 2018 were eligible for pensions of $160,000 or more, according to a report issued by SeeThroughNY, an online project of the Empire Center for Public Policy in Albany. Read More

City workers’ pension funds hinge on Mayor de Blasio’s environmental stand

Tens of thousands of Long Islanders' pension funds are invested in gas and oil holdings. New York City wants to divest about $3.7 billion from them because of climate change. Read More

Conservative group sues pension fund for not releasing info on NYPD retirees

The Empire Center has filed a petition in state Supreme Court that claims the city acted “unlawfully” in failing to provide an accounting of pensions of former NYPD cops. Read More

Put down the shield: Police should turn over pension data to the public

Pensions for government retirees have been public information in New York since forever, but for nearly a decade, the Empire Center for Public Policy has been trying to collect and publish names and dollar figures on its SeeThroughNY.net website — only to be stymied by the pension funds. Read More

As city worker OT surges, so does pressure on pension costs

The city's generous payroll and benefits system continues to draw fire for exorbitant overtime and often unchecked disability pensions. Read More

Retired New York City educators are receiving average annual pensions as high as $88G, report shows

“It’s definitely an outmoded way to fund retirements when you look at how the private sector has moved toward defined contribution retirement plans,” Girardin said. “Every year we remain in the pension business, we’re putting taxpayers who haven’t even been born yet on the hook for paying benefits 50 or 60 years from now.” Read More

Unlike many, New York mostly avoids risky pension gambles

Pension system investments "are all in danger of veering off the road, just at different speeds," the Empire Center’s E.J. McMahon said in October. Read More