Chicago Public Schools officials announced late Thursday that 2,113 teachers and other employees would be laid off Friday, largely due to a giant pension obligation increase that’s straining the system.
“In fiscal year ‘14 we’re facing a historic deficit of $1 billion that is driven primarily by a $400 million increase in our annual teacher pension payments,” said CPS spokesman Becky Carroll. “Absent pension reform in Springfield, we have very few options available to us to close that gap, and that has resulted in bringing this crisis to the doorsteps of our schools.”. . .