CPS could pay $50 million to get older teachers to retire
CHICAGO — The next contract between CPS and its teachers’ union reportedly includes incentives to get more teachers to retire.
The Chicago Sun-Times reports the school district could spend at least $50-million on getting its oldest, and more expensive, teachers to retire at the end of next year.
At least 1,500 eligible teachers would have to agree for it to kick in.
They would then accept a one time bonus of $1,500 for every year of service.
Removing those teachers also removes their salaries ranging between $85,000 to $100,000.
Savings would be minimal to start, but they could jump between $80 million and $90 million.
More than 3,100 teachers are retirement eligible.
They can either be replaced with newer, cheaper teachers or no at all since enrollment numbers are shrinking.
The Sun-Times also reports the tentative agreement with the teachers union would cost $2.2 billion per year.
The total for the four year contract adds up to $8.9 billion.
That’s at least $100 million more than a proposal that the teacher’s union turned down in January.
The agreement still needs to be ratified by the union.