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nixit
6 months ago

According to the article, “CPS also will realize a savings as highly paid longtime teachers retire a little earlier and are replaced by more modestly paid new hires.” This is inaccurate for a number of reasons:

1) The retired teacher will now be pulling a pension one year earlier from a severely under-funded pension system
2) While that retired teacher collects 75% of his salary in retirement, his replacement earns for more than the 25% difference.
3) Taxpayers are now chipping in for retiree and employee health benefits

Just because the cost is spread over multiple ledgers doesn’t mean any money is saved.

Cass Andra
6 months ago
Reply to  nixit

And won’t state payment of the “normal cost” simply be used to pay for otherwise unfunded retiree health? CPS stops paying higher cost for older teacher and the State pays that cost for the aging retire. A shell game within a shell game. And zero accountability for mis-government. The public doesn’t comprehend and most of the legislators don’t comprehend either. There is probably a relatively small group of pretty smart financial engineers (Rube Goldberg LLC) that initiates and propagates the fraud. However, if we happen to find them, they’ll be disclaimed and indemnified to the max. Dissimulation that is incomprehensible… Read more »

debtsor
6 months ago

Come on’ Sun-Times, get with the program, don’t you see all the ‘we support teachers’ signs everywhere?