Chicago Public Schools (CPS) may spend up to $50 million in order to compel some of its most senior teachers to retire at the end of the school year, according to the Chicago Sun-Times. The teachers targeted for the buyout arrangement have worked for CPS an average of 22 years — most teachers would earn a $33,000 bonus. Last year, the school district offered a similar bonus package to 500 older teachers, and this year, the district is being much more ambitious, hoping to entice 1,500 teachers to retire, according to the Sun-Times report.