Retired CPS teachers getting huge pensions from small contributions

If you thought that only school administrators got those big pensions, you should read this.

 CHICAGO -- A list released by Taxpayers United of America (TUA) of the Top 100 pensions of retired Chicago Public School teachers shows that many of these retired teachers have already collected huge amounts of cash compared with their relatively small employee contributions, according to the President of TUA.

Here is the list of the top 100.

For more information, go to Taxpayers United of America website.

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  • Well, this is a highly deceptive and misleading story. Shame on you, Mr. Byrne, for propagating inflammatory talking points absent any meaningful context.

    This top 100 list is not a list of teachers living high on the hog. Had Mr. Byrne done any homework at all he would know that the highest possible salary achievable for CPS teachers is currently $94,887 and the highest possible pension available to CPS teachers after 35 years of service is 75% of that salary ($71,165). That is a healthy sum to be sure, but hardly outrageous given that employees have never, ever missed a single payment into their own pension fund.

    The six-figure pensions referenced by TUA and Mr. Byrne do not result from teaching but rather from teachers who made the move into administration, union offices, or other more highly compensated non-teaching jobs. It is not surprising that TUA or Mr. Byrne ignore the fact that these admittedly well-paid pensioners are not teachers. That wouldn't jibe with their twisted ideologies.

    Also, 9% of each teacher's paycheck is contributed to the Chicago Teachers Pension Fund. That money is invested and, under the astute guidance of the CTPF, grows year to year. Teachers are responsible for not just the money that comes out of each paycheck but also for that growth.

    Here is an admittedly simplified example:
    If the average teacher earns $60,000 and contributes $5,400 (9%) annually to the pension fund, after 35 years at a 6% annual market increase (the market averages 8% long-term) those contributions will have grown to over $1,000,000 by retirement. All but the top 16 pensioners on the TUA list fall below the threshold of their actual contributions plus investment growth.

    The types of talking points submitted by Mr. Byrne and the TUA are not surprising in a climate where the middle class is routinely bashed by wealthy elites as the cause of all financial strain in our country, state, and city. Unfortunately, some people refuse to let actual reality interrupt such rabid, ideological fantasies.

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    It's too bad the previous blogger posted as anonymous. This kind of "reporting" is just the type of garbage, "men" like Dennis Byrne and other like him fling out there like monkeys tossing their poop at the visitor to the zoo. I know, or know of probably 75% of the people on that list. Those are people who have worked over 35 years, some went from the classroom, to administration, to supervisor, to heads of departments. Careers spanning 40 years in some cases, and paying into their retirement every year. I mean, they don't have any choice. They would have to resign to pull the money out of their pensions, and then start all over if they came back. The report is either accidentally flawed, or purposely skewed so that nut jobs like you can quote from it like its some sort of reliable resource. You know, I'm gonna start wearing a shirt that says, Chicago Public Schools Teacher, and see if any of you deranged fraidy cat conservatives would say anything to me, like how my pension is bankrupting the state. I'd like to experience that! I think I'll go out & sit in a Starbucks in say Algonquin, or maybe out in Oak Brook, or maybe even Skokie, and see how brave the teacher hating public is.

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