A financial and performance management leader with 20 year of corporate experience, Kasthuri Henry joined CTPF as Chief Financial Officer in October. Henry earned her B.S. from Bangalore University (India) majoring in math, computer science, and physics. She holds an MBA from Indiana State University with an emphasis in finance and decision sciences, and a PhD from Walden University. She is a Certified Treasury Professional (CTP) and Six Sigma Black Belt. Henry previously worked as regional CFO at Aon Risk Services, served as a senior vice president of planning and analysis at HSBC Consumer/Mortgage Lending, and was a global treasury consultant at Hospira, Inc. Henry is a visiting professor at Southern Illinois University, Keller Graduate School of Management, and North Park University. 

Click here to download: THE BUCK STAYS HERE.   

Our new report, The Buck Stays Here, examines the impact that CTPF educators have outside the classroom, and the benefits pensions offer the economy of the City of Chicago and the State of Illinois. 

CTPF educators make an immeasurable impact on children: educating, nurturing, and helping them grow into productive citizens and future leaders. Yet an educator's impact extends far beyond the classroom - active and retired educators are also consumers, taxpayers, and voters - who live and work in Chicago and surrounding communities. The report details the economic benefits created by Pension Payments in Illinois and the city of Chicago.

Our study found that about 93% of CTPF retirees live in the State of Illinois, and about 50% live in the City of Chicago. CTPF benefit payments provide: 

• $1.01 billion in direct benefit payments to retirees in the State of Illinois
• $1.48 billion in total economic impact in the State of Illinois
• $527 million in benefit payments to retirees in the City of Chicago
• $770 million in total economic impact on the City of Chicago

Pension benefit payments and their ripple effect help create markets and jobs. Pensions generate:

• 11,066 jobs in the State of Illinois, including
• 5,750 jobs in the City of Chicago

Pensions Matter - Economic Impact by Legislators

CTPF has broken down the impact that pensions have on our economy by legislative district in Illinois. We have created an individual sheet for each senator and representative that you can download, fill out, and share.

This is a sample of the individual information sheet that CTPF has created for every senator and representative in the Illinois General Assembly. Find your legislators' information on our Education and Advocacy page at www.ctpf.org.

Make your own impact on legislators by printing out and personalizing these documents for your local lawmakers. Pensions Matter - tell your legislators. You can find a directory of the information sheets on our Education and Advocacy Page at www.ctpf.org.

 

 

Chicago Teachers' Pension Fund wins appeal on Chicago Board of Education Contribution

Appellate Court directs BOE to settle $37 million back payment

Click here to read the Appellate Court Decision 

October 8, 2012 - Chicago Teachers' Pension Fund won its appeal in a lawsuit that accused the Chicago Board of Education of failing to pay the fund $37.5 million in required employer contributions for fiscal year 2010. The Illinois Appellate Court ruled the board should have contributed $345 million to the fund for the fiscal year ending June 30, 2010. Instead, it contributed $307.4 million.

"It is our Board of Trustees' responsibility to make sure that our bills are paid fairly. It is also our Trustees' fiduciary duty to recover every possible dollar owed to the fund, and we believed strongly that the Board of Education should not have held back this money," said Executive Director Kevin Huber. "We're glad the appellate court agreed."

CTPF filed the complaint July 8, 2010. A lower court found in favor of the Board of Education, but Judge Rodolfo Garcia reversed the Cook County Circuit Court judgment on Sept. 28. The Appellate court voted 2:1 in favor of CTPF's position.

LIBOR Resolution Passed and Committee Established

October 2, 2012, the Investment Committee of the CTPF Board of Trustees, voted to adopt a resolution regarding the LIBOR scandal, and appointed Jay C. Rehak chairman of the committee to investigate the matter. At the October 18, 2012, Board of Trustees meeting, President Rehak appointed Tina Padilla and Mary Sharon Reilly to serve on the newly established CTPF LIBOR Committee.

The resolution and the committee draw attention to the fact that City and the City workers' pension funds may have lost millions of dollars as a result of the fraud perpetrated by sixteen of the world's largest banks. The banks allegedly rigged the London Interbank Offered Rate (LIBOR) index to increase their own profits. Up to $800 trillion in financial securities and debt globally is tied to LIBOR, including derivatives and investments held by the City of Chicago and its workers' pension funds.

The CTPF Board plans to formally request that the Chicago City Council direct staff to determine how much money the City and City workers' pension funds lost as a result of LIBOR fraud, and will ask the council to explore all options to recover those losses. The CTPF LIBOR committee will also explore the impact of the LIBOR scandal on the health of the Fund and determine, what, if any legal or other action is required to recover losses due to financial malfeasance.

The complete text of the Trustees' resolution can be found at www.ctpf.org.