Sources: Chicago Teachers’ Contract Includes Retirement Incentive for Experienced Educators

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While all of the details have not yet been released of the new contract tentatively agreed to by the Chicago Teachers Union and Chicago Public Schools – NBC 5 has learned the city is offering an incentive for experienced teachers to retire.

If 1,500 teachers accept the early retirement package, they will each receive $1,500 for each year they’ve worked at CPS. If 1,500 teachers do not accept the deal, there is no deal. According to one teacher considering the offer, if CPS doesn’t get the 1,500 teachers they’re looking for “you can rescind your retirement and they have to take you back.”

CTU sources also confirmed the early retirement package.

While the teachers currently working were able to hang on to the city making their 7 percent pension payment, new hires will not receive that perk. The early retirement package is a way to cut those teachers at the higher end of the pay scale.

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