Wilcox calls for 401(k)-style pensions for all new teachers

by Elect Colonel Craig Wilcox | Aug. 8, 2018, 12:00pm

A 401(k)-style pension system for newly hired teachers is the remedy Col. Craig Wilcox, a Republican candidate for Illinois state Senate, recommends to combat the practice of pension spiking.

Many local school districts habitually give raises and sick-time bonuses to teachers about to retire, according to a July 23 report on the Illinois News Network (INN) website.

Wilcox said the findings show spiking teacher pay pre-retirement has “become the expectation.” A member of the McHenry County board of directors, the retired colonel is running for the District 32 Senate seat against Democrat Mary Mahady.

“The evidence shows these strategies are compounding the fiscal issues that Illinois is confronted with, and the economic climate has created conditions that require everyone in the state to tighten their belts,” Wilcox said in an interview with the McHenry Times.

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