Veteran guards draw nearly $74,000 in salaries - not counting overtime and annual benefits worth $16,000.
Assembly Speaker Fabian Nunez, D-Los Angeles, welcomes the analysis.
The California Correctional Peace Officers Association spent $2 million to defeat Nunez' proposal on Tuesday's ballot for term limit changes that would have let Nunez and Senate leader Don Perata remain in office longer.
Union spokesman Lance Corcoran says prison guards could hold illegal strikes if the raises are rejected.
