Ted joined Shaun Thompson to talk about about the Chicago Teachers Union’s absurd new contract demands, why so many Chicago teachers are chronically absent, and Brandon Johnson’s failed first year as mayor.
What a representation of Chicago’s plight.
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
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Tier 2 assumptions should scare all these ratings agencies. I guarantee you Tier 2 will be enhanced multiple times in the upcoming decades, yet every assumption made today regarding pension funding assumes nothing will change.
My guess is that the state will re-amortize pension debt, then will greatly enhance Tier 2 benefits to a point where they almost equal Tier 1, then the pension obligations will look just like they were before the re-amortization. Same as it ever was.
My money is on the following Tier 2 pension enhancements: Retirement Eligibility: Reduce the minimum age to receive full pension benefits w/ no penalty from 67 to 62 (probably 60). This is going to be the biggest stickler for teachers who already reached full pension vesting of 75% and can no longer accumulate service years. Probably helps the most w/ the Safe Harbor rule too. Change the benefit formula: Decrease the highest average salary calculation from the 8 consecutive years’ salaries to 4 (like today). They already did this for safety personnel. Annual Cost-of-living Adjustments: Raise COLA from 1/2 CPI… Read more »