The Chicago Public Schools were offering to buy out teachers in order realize some savings for the cash strapped district. CPS was hoping to lure a minimum of 1,500 teachers into retiring. The district was offering $1500 for each year of service. Teachers had until March 31st of this year to sign up for the plan. Just one glitch...only 900 teachers signed up which is not enough for CPS to break even and save money.
Had enough teachers opted to participate, the district would have saved millions beyond the anticipated payouts/buyouts. Since too few people enrolled, CPS is cancelling the plan. Those 900 teachers who signed up to participate can withdraw their names as long as they do so by April 30th.
No matter what plan is put forward to get CPS out of the red invariably a glitch pops up. As I said, 'the best laid plans...'
Dick
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