They are still wining about this number and go on strikes pretty much every other year.
Some quick Googling shows the average age of a Chicago teacher to be 41 years old. Is it insane to think that a professional with a master's degree should make the princely sum of $110,000 a year? Adjusted for inflation, that's less than I got in my first year as a software engineer.
$110,000 is the base salary. Add to this pension contributions almost completely funded (granted this is no longer the case for the new hires), a retirement on a full pension at 55, and a stable job. Good luck having all of this working as a software engineer for a private company. You can be made redundant at no notice, and risk always carries a premium.