Chicago Teachers' Pension Fund Thanks Lawmakers for Supporting Spring Legislative Agenda - WFXG FOX54 Augusta - Your News One Hour Earlier

Chicago Teachers' Pension Fund Thanks Lawmakers for Supporting Spring Legislative Agenda

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SOURCE Chicago Teachers’ Pension Fund

CHICAGO, June 23, 2014 /PRNewswire/ -- The Chicago Teachers' Pension Fund (CTPF) thanks a group of Illinois legislators who fought for equity and increased funding to the CTPF during the spring legislative sessions that ended May 31.

"After the close of this latest session, we want to reflect on the work that was done by our legislators and to recognize their contributions on behalf of the 63,000 active and retired members of CTPF," said Jay C. Rehak, CTPF president of the board of trustees and interim executive director. "We saw a significant step forward when the General Assembly restored the $50 million payment for fiscal year 2014 - a historically budgeted amount that has not been appropriated since fiscal year 2011 - along with the statutorily required $12.1 million for fiscal year 2015."

CTPF trustees continue to advocate for legislation that will increase state support and bring steady contributions to the fund. CTPF thanks the lawmakers who sponsored the fund's legislative agenda, particularly those backing: 

  • HR 816: This resolution called for greater parity between CTPF and the Teachers' Retirement System (TRS).  This measure attracted a great deal of support from legislators and called for full funding of CTPF, as well as a recommitment to fund CTPF at a rate of 20 to 30 percent of the allocation given to the TRS of Illinois. The bill was sponsored by Rep. Esther Golar and co-sponsored by Reps. Maria Antonia Berrios, Eddie Lee Jackson Sr., Elgie R. Sims Jr., Daniel J. Burke, Monique D. Davis, Arthur Turner, Cynthia Soto, Marcus C. Evans Jr., Kenneth Dunkin, Jaime M. Andrade Jr. and Christian L. Mitchell
  • SB 3148/HB 5731: These measures sought to re-establish the CTPF contribution tax that was diverted in 1995. The bills were sponsored by Sen. Mattie Hunter and Rep. Kenneth Dunkin
  • SB 3282/HB 3899:  These measures require CPS to make monthly, instead of annual, contributions to CTPF. Currently, CPS makes an annual obligation payment - but waits until the last day of the fiscal year. Changing to monthly payments would save Chicago's taxpayers about $29 million per year. The measures were sponsored by Sen. Donne Trotter and Rep. Elgie R. Sims Jr.
  • SB 3127/HB 5334: This initiative would have increased state contributions to CTPF. The legislation would require the state to contribute to CTPF 10 percent of the state's fiscal year 2015 contribution to downstate/suburban TRS. The bill was sponsored by Sen. Emil Jones III and Rep. Monique D. Davis.

"Since 1895 CTPF has been providing retirement security to Chicago teachers. Our trustees will continue to work to promote measures like these for the protection of our fund and our members," Rehak said. "We want to thank the legislators who have worked on behalf of the fund and our members and look forward to continuing the discussion and promoting these initiatives."

Established by the Illinois state legislature in 1895, the Chicago Teachers' Pension Fund manages members' assets and administers benefits. The $9.7 billion pension fund serves approximately 63,000 active and retired educators, and provides pension and health insurance benefits to more than 27,000 beneficiaries.

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