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Galesburg Reporter

Saturday, November 23, 2024

Records show how much Greater Galesburg school districts have paid for spiking teacher pensions ahead of retirement

Test 06

Out of school districts in Greater Galesburg, Monmouth - Roseville CUSD 238 paid the most in penalties since 2005 for spiking employee salaries to boost outgoing teachers' retirement benefits, according to data obtained from the Teachers Retirement System of Illinois.

A 2005 law put the penalties in place to discourage districts from giving costly raises - any above 6 percent - that result in costlier pensions. While salaries are paid by districts, the state foots the bill for educators' retirement benefits.

Illinois penalizes districts for "pension spiking" by passing on the extra pension costs associated with hiking salaries in the years leading up to retirement.

Since 2005, the state has assessed more than $161 million in penalties, according to TRS data.

Greater Galesburg pensions spiking penalties, 2005-present

Rank
District
City
Members
Amount Assessed
Payments Made
Waivers Granted
Written-off
Current Balance
1
Monmouth - Roseville CUSD 238
Monmouth
34
$121,189.40
$28,811.87
$92,377.33
$0.20
2
Williamsfield Community Unit School District 210
Williamsfield
5
$27,726.89
$27,726.89
3
ROWVA CUSD 208
Oneida
13
$85,851.89
$24,236.95
$61,610.97
$3.97
4
West Central Community Unit School District 235
Biggsville
10
$58,142.35
$19,829.54
$38,310.35
$2.46
5
Abingdon Avon Community Unit School District 276
Abingdon
16
$105,620.53
$10,995.15
$94,624.56
$0.82
6
Knoxville Community Unit School District 202
Knoxville
24
$293,251.87
$8,514.20
$284,735.04
$2.63
7
United SD 304
Monmouth
30
$30,787.78
$7,774.43
$22,993.01
$20.34
8
Regional Office of Educ 33
Monmouth
2
$5,795.22
$5,795.21
$0.01

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