Gee, I can’t imagine why states are running out of money. Then again, this is Illinois we’re talking about.
More than 2,000 retired educators across the state are pulling pensions of more than $100,000 a year because their school boards granted them raises of 40 percent as they headed toward the exits.
Former North Shore School District 112 superintendent Maureen Hager, who benefited from similar, retirement-based raises, ranks 5th on the Illinois Teachers’ Retirement System’s list of pension recipients, pulling in $231,702 each year in retirement.
Thats over $200 million a year just for those 6 figure educators. How exactly does this happen?
End-of-career pay bumps, which hit 20 percent annually in many area school districts, has led suburban Chicago school districts and educators to the top ranks of the list of pensioners drawing six-figure incomes.
Steps have been taken to curb greedy pensioners, but many have found ways around new laws.
School boards can continue giving golden good-byes, but their local taxpayers have to foot the bill for the higher pension costs resulting from higher pay raises. The reforms have been slow to kick in because all current contracts were allowed to play out. Some 2010 retirees are still eligible for pay spikes that were essentially outlawed five years ago.
Many newer teachers’ contracts push the limits of pension reform by giving retirees four 6-percent pay raises. In Niles District 219, teachers who announce retirement five years ahead can receive a 10 percent raise that year, which isn’t covered by the state law. The 10 percent raise can then be followed up with four six-percent raises.
In Highland Park District 113, teachers who think far enough ahead also are given an extra boost.
Neither Maine Township High School District 207 nor New Trier High School District 203 gave 40 percent bumps before the state’s clampdown. But they nevertheless rank high on the list of districts with the most six-figure pensioners, with 49 and 36, respectively. Before pension reform, the Maine district gave retirees a $28,000 salary boost, while New Trier gave two raises totaling 30 percent.
Make sure you read the whole thing. Its simply another glimpse into out-of-control government spending in education.