Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
No superintendent should receive a pension. Considering their salaries often eclipse the Social Security limits anyway, it would be far cheaper for school districts to pay SS and an employer 401k.
I believe my school district actually pick-ups the employee portion of the supe’s pension contribution. And I think this practice is common in most school districts. You would think that $200K+ salary would be enough of an incentive.