By Tom DarriganThe Illini are set to unveil a pension overhaul plan that would give the school district $25 million in new funding for new buildings and equipment.
The plan would provide $10 million for building repairs and $1 million for improvements to the campus and campus facility.
Illinois’ board of trustees is expected to approve the plan at a meeting Thursday afternoon.
“This is something that we’ve been working on for years,” Superintendent of the Board of Trustees Dan Jurek said.
“We’ve been talking about it for a long time, and we’re very confident in our plan.”
The plan we’re going to unveil tonight is the one that we feel best represents our vision for our district and our state.
“The Illinis would get the funds through the Illinois State Pension Fund, which is owned by the state.
The state has set aside $8.7 billion to cover future pension liabilities.
The Illinois School Employees’ Retirement System would be made responsible for $10 billion.
That includes $6 billion for new equipment.
Jurek says the plan is designed to allow the district to make investments to invest in new and improved facilities.
He says the cost of the renovations could be $100 million to $150 million.
The district’s budget is $14.8 million, and it would cover the construction costs.
Juror John O’Sullivan said the plan would take care of all the school employees’ pension liabilities, including their benefits.
The plan would also make sure teachers’ pensions would be paid.
Jury forewoman Lisa Mazzola said she’s been told the plan could cost up to $100,000 a year for some teachers, but the district could use it to make up for a shortfall in future funding.
The board also voted Thursday to approve $2.9 million to renovate the school gymnasium.
Juratah R. Johnson, the superintendent of the Chicago Public Schools, says the school is ready to take its first steps toward building a new gymnasia.
The new gym is part of a $1.2 billion renovation to replace the aging facility that will open in 2018.