An Open Letter to Illinois Legislators from Jay C. Rehak,
president of the CTPF Board of Trustees
Illinois law established the Chicago Teachers' Pension Fund on July 1, 1895, and changes to our system or governance have always been subject to the legislature. At times this can be a cumbersome process, as administrative issues that would be routine in many businesses, must be modified by legislative act.
Yet, the process of involving the Illinois legislature also ensures that Illinois citizens have a voice in the governance of our pension system.
That is why the 63,000 members of the Chicago Teachers' Pension Fund, the Chicago Teachers' Union, the Retired Teachers Association of Chicago, and the Chicago Principals and Administrators Association, have called on the Illinois Senate to vote on House Bill 3695.
This bill does not raise taxes, but restores a stable stream of revenue to our fund, which was lost in 1995, when the legislature allowed our pension tax levy to be redirected into the CPS operating budget.
For more than 20 years the fund suffered from underfunding through pension "holidays" and reduced contributions. A fund cannot survive on half-kept promises; in recent years, we have been forced to sell assets to pay benefits. Without a guaranteed revenue source we will surely see the mistakes of the past repeated.
Teachers have little recourse but to appeal to the legislators.
And today we do just that.
We respectfully ask the Illinois Senate and President Cullerton to give a fair hearing to House Bill 3695. This legislation passed out of the Illinois House with bi-partisan support on a vote of 102 to 9, then passed unanimously out of the Illinois Senate Executive Committee. It now waits to be called for a floor vote.
As our elected representatives you speak for your constituents. Give us our voice. It's time to call the roll on House Bill 3695.
Teachers are watching and listening.
House Bill 3695 when the bill is called.