Chicago Public Schools CEO on pension shortfall, other issues

Chicago Public Schools CEO on  pension shortfall, other issues
Chicago Public Schools CEO on  pension shortfall, other issues

Chicago Public Schools CEO on pension shortfall, other issues

Right now Chicago Public Schools picks up 7 percent of employees’ pension contributions. But CPS plans to phase out its portion for certain classes of employees, including non-union workers beginning with the August 24 paycheck. Forrest Claypool, the newly-appointed CEO of Chicago Public Schools, says everyone must pitch in if the goal is to protect the classroom and teacher’s pensions. Many say the school district is facing its most serious fiscal challenge in years — and at the heart of it all: pensions and how to pay for them. CPS released its budget this week and it includes a variety of cost-saving measures, including 480 teachers layoffs. Critics call it unbalanced because it covers a pension shortfall with hundreds of millions of dollars from Springfield, which is far from guaranteed. But CPS officials say they have no choice but to rely on help from the capital, and that if that help doesn’t come through, more borrowing and even deeper cuts will be necessary. Claypool joins us to talk about all of this and what it means for students and teachers.