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.
Offer early retirement to any teacher over age 28 to cut the number of teachers. No Reason they should have to work any more than 5 or 6 years to get 60 years of full pension money with 3% annual increases. They are essential workers and deserve everything they get.
I’ve said this before. As soon as they fill out the application they could retire. Save’s a lot of paperwork.
Lower enrollment (attendance) means less state and federal funding, unless there is a special bailout.
The collective bargaining agreement pay hikes and any multi year administrator contract pay hikes are not impacted by reduced revenue.
Quick! Hire more teachers!