|
|
Connect with us on Facebook
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
|
|
|
|
November E-News
Quick Look
No time to read? Here's a summary of the November E-News
__________________________________________________________
A bill which proposed reforms to the state pension systems was declared unconstitutional by a Sangamon County Circuit Court.
 November 20, 2014, the CTPF Board of Trustees elected officers and re-installed Trustees.
Click here to review the 2015 rates for
Medicare Part A and Part B.
 2015 Pension Payment Schedule Click for a listing of 2015 direct deposit and check mailing dates. Check here for Holiday office hours and the Board of Trustees meeting schedule for 2015.
|
PA 98-0599 (Senate Bill 1) Ruled Unconstitutional
November 21, 2014, a Sangamon County Circuit Court judge ruled that Public Act 98-0599 is unconstitutional.
The legislation, signed December 5, 2013, changed the Illinois Pension Code for four of the five state pension systems: Teachers' Retirement System (TRS), State Employees Retirement System (SERS), State Universities Retirement System (SURS), and the General Assembly Retirement System (GARS). CTPF was not impacted by the law.
The law eliminated the State systems' unfunded liability by 2045, primarily by reducing benefits for retired and active members. The law was scheduled to go into effect on June 1, 2014, but implementation was delayed by the court case.
The Attorney General Lisa Madigan has announced that she will immediately appeal the Circuit Court's ruling to the Illinois Supreme Court.
|
During their November 20, 2014, meeting the Chicago Teachers' Pension Fund Board of Trustees elected officers for 2014-2015 and re-installed Trustees Tina Padilla, Raymond Wohl and Andrea L. Zopp.
Trustees Padilla and Wohl were originally elected to the CTPF Board of Trustees as Teacher Trustees in November 2011. The number of certified candidates did not exceed the open positions in the 2014 Teacher Trustee Elections. Therefore, the certified candidates were declared elected. Padilla and Wohl will serve three-year terms from November 2014 - November 2017.
Trustee Zopp was appointed to the CTPF Board of Trustees as a representative of the Board of Education in June 2011. She will serve a two-year term from November 2014-2016.
Officers for 2014-2015
President, Jay C. Rehak
Vice-President, Lois W. Ashford
Financial Secretary, Bernie Eshoo
Recording Secretary, Raymond Wohl
Standing Committee Chairs
Investments, Tina Padilla
Claims and Service Credit, Jeffery Blackwell
Finance and Audit, Bernie Eshoo
Pension Law and Rules, Lois W. Ashford
2014-2015 Officers, front row, pictured from left to right: Bernie Eshoo, financial secretary; Lois W. Ashford, vice president; Jay C. Rehak, president; and Raymond Wohl, recording secretary.
Back row, from left to right: Jerry Travlos, Robert F. Bures,
Jeffery Blackwell, Andrea L. Zopp, Mary Sharon Reilly, Tina Padilla,
Carlos M. Azcoitia, and Walter E. Pilditch.
|
|
Board of Trustees Meetings
2015 Schedule
During the November 20, 2014, Board of Trustees meeting, the Board established its meeting schedule for 2015.
CTPF 2015 BOARD OF TRUSTEES MEETING SCHEDULE
Thursday, January 15, 2015
Thursday, February 19, 2015
Thursday, March 19, 2015
Thursday, April 23, 2015
Thursday, May 21, 2015
Thursday, June 11, 2015
Thursday, July 16, 2015
Thursday, August 20, 2015
Thursday, September 17, 2015
Thursday, October 22, 2015
Thursday, November 19, 2015
Thursday, December 10, 2015 (tentative)
All meetings are held at 9:30 a.m. in the CTPF office. Please confirm meeting times/dates at www.ctpf.org.
|
2015 Retiree Health Insurance Wrap Up
The 2015 Open Enrollment period for CTPF retiree health insurance plans
closed on October 31, 2014. All plan changes and rates become effective on January 1, 2015.
2015 Medicare Rates Announced
T  he Centers for Medicare and Medicaid Services (CMS) released the 2015 Medicare premium rates.
Part A: (Hospital Insurance) Premium
Members who have 40 quarters or more of Medicare credit receive Medicare Part A at no charge at age 65. If you do not have 40 quarters of credit, you must pay for this coverage.
The monthly Part A premium for members with
30-39 quarters of Medicare-covered employment will be $224 in 2015. This amount was reduced from $234 in 2014.
Individuals with less than 30 quarters of Medicare-covered employment pay $407 monthly. This amount was reduced from $426 in 2014.
CTPF helps pay for Medicare Part A premiums by subsidizing 50% of your premium cost in 2015.
2015 Medicare Part A Costs with CTPF Subsidy
Medicare Part A with 40+ quarters = 0
Medicare Part A with 30-39 quarters = $112 after CTPF subsidy
Medicare Part A with 0-29 quarters = $203.50 after CTPF subsidy
Part B: (Medical Insurance) Premium
The standard Medicare Part B premium will be $104.90 for 2015. CTPF helps pay for Part B premiums by subsidizing 50% of your premium cost.
Standard Medicare Part B cost = $52.45 after CTPF subsidy
Medicare Premiums for Higher-Income Individuals
The Social Security Administration requires that individuals with higher incomes pay an income related adjustment amount (IRMAA) in addition to their standard Medicare premiums. These IRMAA premiums apply to Part B as well as prescription coverage. CTPF does not subsidize any part of the IRMAA premium. IRMAA adjustments are applied to individuals whose adjusted gross income was higher than $85,000 in 2013 and to couples whose income was $170,000 or more.
Click here for a chart which illustrates what your premium will be if you must pay an IRMAA adjustment.
Questions
If you have additional questions about how CTPF subsidizes insurance premiums, review the CTPF 2015 Health Insurance Handbook and Open Enrollment Guide.
|
|
Planning to Visit? Plan ahead...
If you are planning a visit to CTPF to meet with a Member Services Counselor, it's always a good idea to schedule an appointment. Scheduled appointments with Member Services counselors are available Monday through Friday from 8:00 a.m. to
4:00 p.m.
Walk-ins are accepted on a first-come, first-served basis, between 9:00 a.m. and 3:00 p.m., but wait times will vary and may be lengthy during busy periods. Walk-in visitors cannot be accommodated after 3:00 p.m.
If you do not schedule an appointment in advance, arrive after 3:00 p.m., or need questions answered related to your specific retirement situation, you may need to return for a follow-up appointment.
Call 312.641.4464 to schedule an appointment.
CTPF is located at 203 North LaSalle Street, suite 2600, Chicago, Illinois 60601-1231
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 $18, (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.
|
CALENDAR
Trustee meetings, held in the CTPF office, are open to the public.
Please confirm meeting times/dates at www.ctpf.org.
11
9:30 a.m., Trustee meeting, CTPF office.
25
Christmas holiday, office closed
January 2015
1
New Years Day holiday, office closed
15
9:30 a.m., Trustee meeting, CTPF office.
19
Birthday of Martin Luther King, Jr., office closed
February 2015
12
Lincoln's Birthday, office closed.
16
President's Day, office closed.
19
9:30 a.m., Trustee meeting, CTPF office.
|
|
|
|
|
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
Lois W. Ashford, vice president
Bernie Eshoo, financial secretary
Raymond Wohl, recording secretary
Carlos M. Azcoitia
Robert F. Bures
Jeffery Blackwell
Tina Padilla
Walter E. Pilditch
Mary Sharon Reilly
Jerry Travlos
Andrea L. Zopp
Peter A. Driscoll, interim 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.
|
|
|
|
|
|
