Legislative Update 

Illinois Legislators have been seeking budget cutting opportunities and pensions continue to be a prime target. CTPF and its members have been actively working to educate our legislators about the reality of pension funding. Find key contact information for Illinois legislators at left.

 

CTPF Director Testifies in Springfield

CTPF Executive Director Kevin B. Huber spent March 17 in Springfield, Ill., meeting with Speaker Madigan and President Cullerton's key staff members to discuss options

for tackling the current unfunded liability of all pensions in the state.
 

"We worked to educate legislators about the impact that changing benefits for current active employees has on the unfunded burden for pensions. They listened but were noncommittal in the direction that leadership is going to pursue. We will keep providing them with information as they deliberate," explained Huber.

Support House Bills 1544 and 3401

CTPF recently offered testimony before the House Personnel and Pension Committee on two bills - HB1544 and HB3401. We encourage all of our members to support these two important pieces of legislation.

Illinois HB1544, provides language mandating that CTPF receive about 20% of the annual allocation made to the Teachers Retirement System (downstate teachers). The bill moved successfully out of committee and onto the House floor. This bill would provide an additional $400M annually to CTPF from the state and would help to stabilize the fund and provide a more equitable funding structure.

Illinois HB3401 requests that CTPF be allowed to increase its spending on health insurance for retirees from $65M to $100M annually. The bill was discussed but not called for a vote.

We can't offer a crystal ball to predict the future, but if you're wondering what your pension might be at retirement, the M.A.P. can help. CTPF's online M.A.P. (Monthly Annuity Planner) can help you estimate your retirement income. Simply enter your age at retirement, your final average salary at retirement, years of service, and the date you first contributed to CTPF and the M.A.P. will estimate your monthly retirement benefit. Click here to connect to the M.A.P.

Please Note: This planner does not replace an actual estimate based on your current salary and service credit. Call Member Services at 312.641.4464 to request a personalized estimate.