CHICAGO - If you thought Illinois' pension reform crisis was relieved when Speaker Madigan's measure passed the Illinois General Assembly, you're mistaken. Not only is the plan being challenged in court by public sector unions, there's another mess brewing around in-trouble Chicago teachers' pension plan.
Senate President John Cullerton told a City Club audience this week that city teachers could expect thousands of layoffs if they don't negotiate and take significant pension cuts. The Sun-Times reports:
“Chicago Public Schools have a problem and we need to act now,” Cullerton said. “I know for a fact that forging a solution that works — and is meaningful — is possible.”
Cullerton said the public schools’ annual pension payment is expected to swell $417 million over the amount paid last year, to $613 million.
“The bulk of the money comes, likely, out of the classroom resulting in drastic teacher layoffs and increased class sizes,” Cullerton said. “That’s not acceptable for a world class city like ours.”