View as PDF Chicago — “Last week, the majority of Chicago Teachers Union (CTU) members authorized CTU to prepare to strike,” said Jim Tobin, President of Taxpayers United of America (TUA). “This strike authorization vote and Wednesday night’s special meeting of CTU’s House of Delegates will determine what path the union will go down. Whatever the results, it doesn’t look good for Chicago taxpayers.”
“CTU members tend to see themselves as modern-day Robin Hoods,” said Tobin. “But in reality, they confiscate your property taxes like the Sheriff of Nottingham.”
“Chicago homeowners, through their property taxes, have been picking up the tab for 7 of the 9 percent contributions to the Chicago teachers’ pension fund. Mayor Rahm Emanuel now wants teachers to pay the full 9 percent of their pension contributions. Naturally, the leaders of the CTU are beside themselves.”
“Let’s review what’s going on. The average salary for Chicago teachers is $70,133. With 10 to 14 years of service, a Chicago teacher’s average salary equals more than $84,000 a year. Chicago’s teachers are the highest paid in the nation when compared with teachers in the U.S.’ 10 largest school districts.”
“Last year, 28,114 beneficiaries received $1.3 billion in pensions from the teachers’ fund. The average retirement age is 61. The average annual pension is $51,454 compared with a median household income in Chicago of $47,831.”
“In other words, on average, a retired teacher gets more money for doing nothing than a Chicagoan who is still working to make ends meet.”
Illinois Policy, in a March 1, 2016 study, pointed out that almost 40 percent of teachers retire before age 60. CPS teachers can retire far earlier than workers in the private sector, who have to wait until age 67 to collect full Social Security benefits.”
“Since 1997, teacher pension benefits have grown 6 percent a year. The system is functionally bankrupt. A well-managed pension fund should be fully funded. The Chicago Teachers Pension Fund is only 51.5 percent funded.”
“The greed and intransigence of the Chicago Teachers Union is mind-boggling,” said Tobin. “Not only should CTU members pay the full 9 percent contribution to their pension fund, but they probably need to contribute a lot more than that. Furthermore, the retirement age should be raised to 67.”
“The leaders of the Chicago Teachers Union put legendary villains like the Sheriff of Nottingham to shame.”