Chicago Public Schools wants to combine state and local teacher retirement funds. Is that possible?
Sign up for Chalkbeat Chicago’s free daily newsletter to keep up with the latest education news.As they worked to close a budget deficit this summer, Chicago Public Schools officials proposed a surprising and bold cost-saving measure: Combine the Chicago Teachers’ Pension Fund with the Illinois Teachers’ Retirement System.Chicago school officials said the move could direct more money to schools by reducing the cost of Chicago’s contribution to the pension fund. It would also mean Chicago taxpayers would no longer have to pay for two pension funds. As Illinois residents, Chicagoans contribute to the state teacher pension system for districts outside...
Benefits rise to ‘barely touch sides’ of cost-of-living squeeze, experts warn
The fall in inflation is “badly timed” for some of the UK’s poorest households, with benefits set to be increased in line with the latest 1.7% rate.Analysts said the inflation figure is set to go up over the coming months as energy prices increase, meaning the uprating in benefits from next April could be eroded by rising household costs.But there is better news for older citizens, who are in line for an inflation-busting 4.1% increase in state pensions.This means that inflation-linked benefits will rise by less than forecast growth in inflation and earnings, and by much less than the...