The district’s contract with the CCEA expired on August 31, 2022 – are they waiting for the results of the Referendum, to negotiate a new contract? Have they factored in these costs and increases into the current and future budgets? Will they continue to pay the MAXIMUM increases, allowable by law?
“No matter how you look at it, private sector taxpayers can rarely hope for the generous benefits they subsidize for public employees. The typical private sector worker would need to have saved $1.6 million in a personal retirement account by age 60 to receive the same $82,000 base pension as the average career teacher, or those with at least 30 years of experience. And 3% compounding post-retirement increases are not an option for private sector retirees.
Illinois law requires public employees to set aside very little on their own during a typical working career. This is especially true for “career employees” with at least 30 years of service credit but applies to shorter-term public workers as well.
For career workers who serve 30 years or more, lifetime employee pension contributions account for between 4% and 6% of expected payouts, other than for members of the General Assembly Retirement System. These contributions legally guarantee employees a pension that is typically worth more than $2 million. State employees in SERS are the exception, but they are generally eligible for Social Security benefits and still average a generous $1.7 million. As of the most recent report from the state, 96.3% of state workers are also eligible for Social Security, which explains the somewhat lower benefit.”
The following table summarizes information on current CCSD 66 retirees, who were earning over $80,000 per year in pension benefits, as of 2021. Please note the annual payments are automatically increased, 3% per year, for life.
For salary, pension and other district information, visit https://www.openthebooks.com/members/employer-detail/?Id=71042&tab=2&Year_P=2021
You must be logged in to post a comment.