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 March 2012 Update |
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Stay in Touch with CTPF
Are you a Facebook fanatic?
Do you Tweet without missing a beat?
Take advantage of CTPF's social media presence to stay informed and up-to-date on important fund information.
Click here to go directly to CTPF's online registration page where you can register for e-mail updates.
CTPF online
 
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E-Mail Archive |
Click here for a complete listing of past E-Mail Updates and E-Lerts.
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Spring into Action with CTPF
This past winter, the Chicago Teachers' Pension Fund (CTPF) Board of Trustees led by the Pension Law and Rules Committee launched a program designed to educate and inform CTPF stakeholders and to encourage advocacy and action to support CTPF's legislative agenda.
CTPF operates as an independent fund governed by Illinois law and directed by a 12-member board of trustees. Changes to the governance of the fund begin in Springfield. Facing difficult budget issues, legislators in Springfield have repeatedly called for "pension reform," without offering solutions that guarantee funding for CTPF pensions.
The CTPF Pension Law and Rules Committee has initiated meetings designed to bring stakeholders together to build consensus, develop educational materials that clarify the facts about CTPF pensions, and promote legislation that will benefit CTPF's 60,000 active and retired members. Lobbyists representing the Chicago Principals and Administrators Association (CPAA), the Retired Teachers Association of Chicago (RTAC), and CTPF are working together to help promote CTPF's legislative agenda in Springfield.
Member Education and Advocacy Central
CTPF has created a Member Education and Advocacy page on its website. This page contains materials to help members learn more about CTPF and its legislative priorities. Click here to visit the page.
Publications
CTPF has developed a member education document which includes important facts and information about CTPF and its legislative agenda.
A second piece, a "leave behind" document summarizes CTPF facts and legislative priorities. The leave behind document includes space for a member to write in his/her personal information. It is designed to be left behind during a visit with a legislator.
A sample letter which can be used as a guide for writing or e-mailing legislators is also available. |
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 CTPF Trustees Encourage Veteran Hiring
During their March 15, 2012, meeting the CTPF Board of Trustees encouraged its investment managers to hire qualified returning veterans when possible. The Fund continues to be committed to diversity in its investments. As of June 30, 2011, approximately 31% ($3.1 billion) of the Fund's assets were managed by qualified minority or female owned investment managers. Additionally, the Fund directed more than $2 million in commissions to qualified minority and women brokers. | | |
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Ready to Plunge into Retirement?
Plan now for your June Retirement
June may seem like a long way off, but there are less than 50 school days remaining in the regular CPS calendar. If you're thinking about retiring at the end of the year, now is the time to take action. Steps you can take:
Download an Application
Start your retirement planning by downloading a retirement application packet. Click here for the packet. Review the forms and collect your required documentation (birth certificates, marriage license, etc.).
View the Retirement Webinar
If you've downloaded the retirement application and are ready to fill it out, check out CTPF's new Retirement Webinar. The webinar, created by CTPF Member Services staff, walks you through the retirement application and reviews common questions raised by our members. Click here to download the webinar.
 2012 Retirement Seminars Attract Record Crowds
School holidays became work days for more than 1,000 current teachers who spent their time off preparing to retire this June. The seminars held February 20 at the Renaissance Hotel O'Hare, and March 5 at the Hilton Oak Lawn, offered overviews of the retirement process and assistance to individuals who completed their retirement applications.
Click here to download a Retirement Application Packet. |
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Teacher Trustee Election
Nomination packets for the Teacher Trustee Election (contributors other than Principals/Administrators) will be available May 1, 2012.
 Teacher Trustees represent active contributors other than principals or administrators on the CTPF Board of Trustees. Six Teacher Trustees serve staggered, three-year terms.
This fall, teachers and other active contributors will elect two Trustees to serve three-year terms from November 2012 to November 2015. The election date will be confirmed once the 2012-2013 CPS calendar is finalized. The election date will be published at www.ctpf.org, in E-News, and in the fall issue of Pension News.
Candidate Eligibility Candidates for a Teacher Trustee position must hold an Illinois State Teaching Certificate, be current CTPF contributors, and have been assigned on a regular certificate in the Chicago Public or Charter Schools for a minimum of 10 years.
Nomination Packets
Nomination packets will be available on May 1, 2012. Members interested in running for office should contact the CTPF Election Team at 312.604.1400 ext. 132 or 169 to request a packet. Candidate eligibility will be verified before the packet can be issued. Nominating petitions must be returned by 5:00 p.m., Monday, October 1, 2012.
Additional Information
Election questions may be directed to the CTPF Election Team at 312.604.1400 ext. 132 or 169.
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Legislative Update
The Chicago Teachers' Pension Fund is governed by Illinois law.
The CTPF Board of Trustees set the following legislative agenda during their February 2012 meeting, and is working to actively promote these bills in Springfield. Each bill has been sponsored in the Illinois House and Senate. CTPF encourages all members to contact their legislators to share support for these measures. You can read the complete text of each bill and find its status by clicking on the links.
 CTPF 2012-2013 Legislative Agenda
1. Eliminate the employer's practice of offsetting
State of Illinois contributions
HB 5334 sponsored by Representatives Marlow H. Colvin (D) and Thaddeus Jones (D) SB 3632 sponsored by Senator Kwame Raoul (D)
Summary: Beginning in 2013, any state contribution received by CTPF will be in addition to CPS contributions.
Rationale: Under current practice, contributions to CTPF from the CPS Board of Education are reduced by any amount CTPF receives from the State of Illinois. This proposal eliminates the offset which would increase total fund revenues.
2. Increase State of Illinois Contributions to CTPF
HB 5232 sponsored by Representatives Monique D. Davis (D)
and Thaddeus Jones (D)
SB 3628 sponsored by Senators Kwame Raoul (D) and Iris Y. Martinez (D)
Summary: Starting in 2013, the State of Illinois would be required to make an annual CTPF contribution equal to 10% of the State contribution to the Teachers' Retirement System.
Rationale: In 1995 the State of Illinois agreed in principle to fund CTPF at an amount equal to 20-30% of the amount it awards to the Teachers' Retirement System. This funding failed to materialize. These bills ask the State of Illinois to fulfill its promise to fund pensions for Chicago's teachers.
3. Increase FY 2013 CPS Contributions to CTPF
HB 5333 sponsored by Representatives Marlow H. Colvin (D)
and Thaddeus Jones (D)
SB 3742 sponsored by Senator Kwame Raoul (D) and Iris Y. Martinez (D)
Summary: Increases the 2013 CPS contribution to CTPF from $196 million to $307 million.
Rationale: In 2010, CPS was required to pay $307 million to CTPF, and the amount was scheduled to increase in future years. CPS asked for and received pension "relief" from the Illinois legislature in 2010, which reduced the CPS obligation for fiscal years 2011-13. When the relief measure expires in 2014 CPS will be required to pay CTPF more than $557 million. These bills reset the CPS obligation to the 2010 level, in order to prepare for larger future payments.
4. Provide an annual adjustment to the retiree healthcare spending cap.
HB 5520 sponsored by Representative Daniel J. Burke (D)
SB 3598 sponsored by Senator Iris Y. Martinez (D)
Summary: Changes the structure of the health insurance spending cap from a flat rate to an amount that adjusts annually. The adjustment would increase based on the average of the consumer price medical care services and commodities indexes.
Rationale: The amount that CTPF can spend to subsidize retiree health insurance premiums is currently limited to $65 million per year. The spending cap was set in 2004, and since that time the number of retirees and the cost of care have nearly doubled. The cap needs to be raised so CTPF can continue to help retirees cope with rising health insurance costs.
5. Redefine Re-Employment Provision for Retirees
HB 5744 sponsored by Representative Robert Rita (D)
SB 3597 sponsored by Senator Iris Y. Martinez (D)
Summary: Outlines the return to work rules for members who seek CPS re-employment.
Rationale: If a retiree wants to return to CPS employment and maintain a pension, there are certain restrictions which must be met. These bills establish the limits of CPS re-employment, and outline the steps a retiree must take to become re-employed without forfeiting pension benefits.
Action Items
CTPF encourages all members to take time to call, write, or meet with legislators while they are in their home offices. Spring break is an ideal time to set up an appointment with a legislator or to attend drop-in hours.
Legislators should understand that these bills are important priorities for CTPF members.
Prepare for your visit
When you schedule a visit, make sure you prepare for the appointment. Educate yourself about CTPF by visiting the Member Education and Advocacy page at www.ctpf.org.
Forward this E-mail and encourage a friend to register for CTPF updates.
Click here to look up your Illinois legislators. |
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Special Notice for Visitors
Building Security May 14-22
CTPF will hold normal office hours May 14-22, 2012, when the NATO summit convenes in Chicago. CTPF's building management company has instituted additional security measures for this time period. All visitors will need to register with CTPF in advance and will be asked to present identification before being admitted to the 26th floor. Walk-in counseling will not be available during this time due to the additional security.
May 17 Board of Trustees Meeting
CTPF will hold a public Board of Trustees Meeting on May 17. Individuals who plan to attend must call Member Services (312.641.4464) in advance and ask to be placed on the attendance list. Visitors will be asked to present identification before being admitted to the building.
Parking and Transit Information
The 203 North LaSalle building has a self-park garage. Garage entries are located on Lake Street between LaSalle Street and Clark Street and on Clark Street between Wacker Drive and Lake Street (look for self-park signs at entrances). Reduced parking vouchers, available from the CTPF office, can be bought for $15, (check only, no cash).
The 203 North LaSalle building has direct access to the CTA. The CTA's blue, green, brown, pink, purple, and orange lines all stop at Clark and Lake. Follow the signs to the 203 North LaSalle building when you exit the train.
The 203 North LaSalle building is connected to Chicago's underground pedestrian "pedway." Click here for a map. |
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CALENDAR
The Board of Trustees meetings, held in the CTPF office, are open to the public. Confirm the meeting times and dates at www.ctpf.org.
April
12
9:30 a.m. CTPF Board of Trustees Meeting
May
17
9:30 a.m. CTPF Board of Trustees Meeting
Additional building security measures in effect. Individuals who plan to attend must call Member Services (312.641.4464) in advance and ask to be placed on the attendance list. Visitors will be asked to present identification before being admitted to the building.
28
Memorial Day, office closed
June
21
9:30 a.m. CTPF Board of Trustees Meeting
July
4
Independence Day, office closed
19
9:30 a.m. CTPF Board of Trustees Meeting
August
16
9:30 a.m. CTPF Board of Trustees Meeting
September
3
Labor Day, office closed
20
9:30 a.m. CTPF Board of Trustees Meeting
October
1
5:00 p.m. Teacher Trustee Nomination Packets due to CTPF
8
Columbus Day, office closed
18
9:30 a.m. CTPF Board of Trustees Meeting
November
12
Veterans' Day, office closed
20
9:30 a.m. CTPF Board of Trustees Meeting
22-23
Thanksgiving Day holiday observed, office closed
December
13 (tentative)
9:30 a.m. CTPF Board of Trustees Meeting (tentative)
25
Christmas Day, office closed |
CTPF MISSION STATEMENT
To provide, protect, and enhance the present and future economic well being of members, pensioners and beneficiaries through efficient and effective management of benefit programs, investment practices and customer service, and to commit to earning and keeping the respect and trust of the participants through quality service and by protecting retirement benefits, in compliance with applicable laws and standards.
CTPF BOARD OF TRUSTEES
Jay C. Rehak, president
Lois W. Ashford, vice president
Tina Padilla, financial secretary
James F. Ward, recording secretary
Jeffery Blackwell
Jeanne Marie Freed
Chris N. Kotis
Walter E. Pilditch
Mary Sharon Reilly
Rodrigo A. Sierra
Raymond Wohl
Andrea L. Zopp
Kevin B. Huber, executive director
Office/Mailing Information
Chicago Teachers' Pension Fund
203 North LaSalle Street, suite 2600
Chicago, Illinois 60601-1231
312.641.4464 p.
312.641.7185 f.
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