December 03, 2023 / By mobanmarket
ELMHURST, IL – Elmhurst School District 205 last month released the names of the teachers and other certified employees who plan to retire in 2027.
Many may wonder why teachers have put out word they are leaving four years ahead of time.
That’s because of the larger-than-usual annual raises guaranteed under the union contract for the last four years of a teacher’s career. It’s what critics call “pension spiking.”
Under the state’s public pension systems, the pay in an employee’s last four years is a key factor in pension amounts. The state, not districts, largely foots the bills for the Teachers Retirement System.
Under the local union contract, teachers get 5.75 percent pay increases for each of their last four years. They can get no step raises during this time.
To receive this benefit, teachers must submit an irrevocable letter of retirement four years ahead of time – by an Aug. 15 deadline.
Here are the teachers and other certified staff who plan to retire in 2027:
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