SPRINGFIELD – Teachers and school districts will have to pay significantly more in the future to participate in an early-retirement option to cover the program’s costs.

That is, if the General Assembly acts this spring to keep the program in place. If it doesn’t, the program will be repealed June 30, and the Teachers’ Retirement System would have to give more than $200 million back to teachers.

“We certainly support the early-retirement option,” said Jim Reed, director of government relations for the Illinois Education Association. “What presents a challenge is how much of an increase it will be to maintain that option. We have some concerns with this new wrinkle.”