What is even more disturbing is that teachers only pay a minuscule contribution to their munificent pensions. According to Conor Durkin, a leading watchdog on Chicago finances:
Beginning in 1981 CPS agreed to a 'pension pick-up' of 7 percentage points of the 9% for employees, leaving the employees themselves to contribute just 2% of their actual salaries into the fund. Under the terms of the CTU's current collective bargaining agreement, this continues today for any teachers hired prior to 2017, while teachers hired after them contribute the full 9 points.
This mind-blowingly sweet deal to the teacher unions cost the school system another $135 million last year.
These pensions cost $1 billion a year and eat up more than 10% of the school budget.
Did we mention the CPS has $9 billion in debt? That's more than the entire school budget for virtually every school district in America.
No wonder Johnny can't read.