According to the latest annual report of the Chicago Teachers Pension Fund, the average teacher who retired in 2011 after 30 or more years of employment—what passes for a full career in the public sector—had a final salary of $105,888 and will receive an annual guaranteed pension of $78,576. The salary puts the average Chicago teacher in the top 5% or so of workers nationwide, while even fewer private sector workers will receive a pension that generous. The obvious conclusion? Let’s strike.
4 thoughts on “How well paid are Chicago school teachers?”
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Also of Interest
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State by state: A comparison of public and private-sector pay
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The chained CPI: A sucker's bet for the GOP
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But the chained CPI really isn't being proposed as a Social Security reform, as a way to make the program more solvent or better-functioning. True Social Security reforms think about ways to better protect the poor, or to encourage longer work lives, or increase retirement saving. The chained CPI, by contrast, is about producing savings within the 10-year budget scoring window.
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Don’t raise or eliminate the cap
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But by eliminating the cap, a person earning $225,000 would pay roughly four times more in taxes than he'll receive in benefits. A growing resemblance to a welfare plan would be inescapable.
I just retired from teaching at age 60 in California (which I dare say probably has a higher cost of living than Chicago) and with 27 years of combined public service. Their retirement is what I was earning and my retirement pay is 74% of that (2% for each year of service).
Yeah, the Chicago teachers DESERVE to be pointed out as GREEDY! (but Chicago is the place of the Chicago Machine that helped put a FRAUD in the White House, so it all makes sense)
I think it’s $77,496. Schedule of average Benefit Payments table, Average Monthly Pension * 12, right? Or $6,458*12? $78,576 would be $6,548* 12 – it’s just an inversion of two digits. (It’s obviously not meaningfully different, I was just trying to figure out where the numbers came from.)
According to a recent analysis in the Chicago Sun Times (http://www.suntimes.com/14298715-460/blue-collar-suburbs-offer-blue-chip-teacher-pay.html), teacher salaries max out in Chicago at about $95,000.
Because I don’t like to accept assertions without checking them out, I checked the Chicago Teachers’ Pension Fund annual report that was linked to by Mr. Biggs above to see if Mr. Biggs was taking liberties with facts. He is correct. See page 110 of the report. If you want to check for yourself, be warned: you will have to employ “advanced” mathematical skills in multiplying the monthly salary and pension figures by the number of months in a year (hint: that would be “12″)