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Wed Jul 1, 2015, 08:46 AM

Chicago Public Schools make full pension payment by deadline

Source: Reuters

US | Tue Jun 30, 2015 11:17pm EDT

Chicago Public Schools make full pension payment by deadline

CHICAGO

The Chicago Public Schools (CPS) made its full teachers' pension payment on Tuesday ahead of a midnight deadline, saying the move will require $200 million in spending cuts, according to a school official.

Illinois law mandated a $634 million payment to the Chicago Teachers' Pension Fund, but it was uncertain whether the cash-strapped public school system, the nation's third-largest, would find the necessary money.

"As we have said, CPS could not make the payment and keep cuts away from the classroom, so while school will start on time, our classrooms will be impacted," CPS Interim CEO Jesse Ruiz said in a statement.

About 1,400 jobs will be impacted by the cuts starting on Wednesday, according to a school district source.

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Read more: http://www.reuters.com/article/2015/07/01/us-usa-chicago-education-idUSKCN0PA2V320150701

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