For those of you hired after 2011 (known in teacher pension world as Tier II), don't fret. Tony Smith, the new ISBE superintendent is getting a perk. Since we're all in this together--shared sacrifice, all about the kids, insert insipid phrase here--it should apply to all Tier II hires:
"Smith is getting a special perk: The Illinois State Board of Education is giving him a stipend each year, expected to be worth thousands of dollars annually, to make up for his reduced pension...it is intended to match retirement benefits of his predecessor, who was a member of the more generous Tier I plan." This is on top of his $225,000.00 salary, the Tribune reports.
It's almost as if by doing this, Bruce Rauner acknowledges there is such a disparity between the two tiers of the pension system, no one in their right mind would work under the Tier II system knowing they do the same work as a Tier I employee, and yet will receive a lesser benefit upon retirement.
At least this bonus could have been contingent upon Smith becoming a licensed teacher or administrator in the State of Illinois and passing all requisite tests just like every other educator must.
Should do wonders for attacting the top teaching candidates to the state, retaining teachers, and morale.