A few graphs to illustrate.
First, from the Illinois Policy Institute, a projection of CPS pension funding costs:
More on the projections of the teachers' pensions from the IPI here.
It's not clear to me, but I believe these numbers are just from status quo – not even factoring in the 16% cumulative pay raise "compromise" from Rahm. No wonder the charter schools are looking good coming out of this.
Of course, that's a short time period. What does it look like over a longer time period?
Yeah, that bump up just keeps increasing and increasing.
As noted in both links, the Chicago taxpayers are pretty much tapped out. Tax rates have been hiked already on both income and property. To get an idea of where a lot of that jump is coming from — the last few years of contributions would have been required to have been higher of pension funding "relief" hadn't been passed:
But while there was that funding "relief" there was no relief in the pension promises. The salaries weren't cut, the benefit levels have not been adjusted downward. Funny that the payments are cut by more than a third, but you don't see those promises being adjusted at all.
Anyway, teachers, I wouldn't be surprised if there were further "relief", but ultimately that "relief" will come out of your hides, and not only the taxpayers. Because the taxpayers will not be able to fill your appetites.
Adjusted by law, or adjusted by reality. Take your pick.