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Summary and audio linked here.
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.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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The biggest reason to not hike the pay schedules in the cba’s is that that pensions and retiree healthcare are underfunded. Certified CPS employees, and CTPF employees, participate in CTPF. Per pdf page 7 of the CTPF Actuarial Valuation Report as of June 30, 2018, the Unfunded Actuarial Accrued Liability (UAAL) was $11,953,907,035, which was 47.85% funded. Non-certified CPS employees participate in MEABF, which also includes City of Chicago municipal employees. Per pdf page 107 of the MEABF Actuarial Valuation and Review as of December 31, 2018, the Net Pension Liability (NPL) was $12,894,433,840, which was 23.29% funded. Both CTPF… Read more »
From the article: ““very low-income limit” for a family of two in Chicago is $35,650 — which is roughly the median salary for CPS SECAs represented by Local 73.” “More than half of SECAs work a second job to make ends meet…”
Looking at the SEIU contract in 2017, SECA’s were paid $32,355-$43,305 for 38 weeks. This translates to $40,000-52,000 for a full 52-week work year. Not great, but certainly not poverty level. They must want taxpayers to pay for public sector down time too.
https://cps.edu/sitecollectiondocuments/Local73.pdf
“Local 73 also represents the bus aides…But because they’re only paid for four to eight hours on the clock, they make as little as $16,000 a year”
Back to the contract: Bus Aides are paid $19.80/hr. A “Parent Worker – Bus Monitor” – whatever the hell that is – is paid $12/hr and works only when school is in session.
If you work only 4 hours a day, how much should you expect to make? Are these jobs with so much downtime expected to support families or supplement existing income? If you have better options, why not pursue them?
http://seiu73.org/files/2019/08/Social-Media-Toolkit-CPS-SEIU-73-Back-to-School-Pickets.pdf
A Parent Worker – Bus Monitor maintains order on the bus and ensures the students get on and off at the proper bus stop, per pdf page 73 of the SEIU Local 73 cba dated July 1, 2015 – June 30, 2018.
https://cps.edu/sitecollectiondocuments/Local73.pdf
https://cps.edu/Pages/CollectiveBargaining.aspx
“”A strike by the SEIU and CTU together this fall could land a blow against everything wrong with our schools and much more besides: racism, poverty, inequality, union-busting, and the contempt of the city’s 1 percent for the workers who make Chicago run.”
This is literally insanity.
To me who really owns the public schools? The unions don’t hold any ownership rights neither do the employees.The public schools are there to serve the public needs but are run like private corporations. Do we really want teachers or any employees who are disgruntled/unhappy/miserable/etc because of compensation issues around children? If they are not happy they are free to find employment elsewhere. Janice Jackson said on WTTW that the offer is about $20K over 5 years but union say’s that’s not enough. Totally insatiable. The problem lies in the Constitution that say’s K-12 shall be free. The sky’s the… Read more »