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As the Illinois General Assembly grapples
with budget issues, and the 2015 fiscal year comes to a close, the Chicago Teachers' Pension Fund (CTPF) reminds members that the mistakes of the past - underfunding pensions - cannot be repeated.
Fiscal Responsibility
The Chicago Public Schools (CPS) must make a $696.5 million payment by the end
of the 2015 fiscal year on
June 30, 2015. This amount has been budgeted and CTPF is waiting on the payment. Please ask legislators to hold CPS accountable for this payment and future required payments to CTPF.
Protect Your Pension
CTPF currently liquidates $60-80 million per month to make pension payments to members. The Fund cannot afford another pension "holiday" or budget relief. Please reach out to your local legislators and share the message that pension funding is vital not optional.
Steps to take now:
- Download a Mistakes of the Past flyer and
 educate yourself about pension funding.
Click here for a color version. Click here for a black and white version. - Share the flyer in person or in writing with your local legislators to help educate them about the importance of fully funded pensions.
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 1996-2005
Pension "holiday" takes $2 billion in funds earmarked for pensions and redirects them to Chicago Public Schools (CPS) operating budget. CPS promises to pay the Chicago Teachers' Pension Fund (CTPF) when the funded ratio falls below 90%.
2006
CTPF's funded ratio falls and CPS begins making payments to the pension fund for the first time in a decade.
2010
PA 96-0889 grants $1.2 billion in pension "relief" to CPS and extends the funding schedule by 14 years to 2059. This costs taxpayers an additional $12 billion.
2011-2013
CPS makes required payments to CTPF at the reduced amount (about $200 million per year instead of the required $600 million).
2012
CTPF funded ratio drops to 53.9%. CTPF must liquidate $60-80 million in assets each month to make pension payments.
2013
CPS must pay the pension fund more than $600 million in 2014. CPS requests additional "relief" with SB1920 House Amendment #2. The measure was defeated.
2014
CPS makes full required pension payment of ($612.5 million) to CTPF. This is the first time since 2010 that CTPF received a full payment.
2015
A payment of $696.5 million due to CTPF by June 30, 2015.
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  HB 3695 UPDATE: Still Waiting on Vote House Bill 3695 which would restore CTPF's tax levy, unanimously passed out of the Illinois Senate Executive Committee on May 6, 2015, but it has stalled in the Illinois Senate where it has not yet been called for a vote.
CTPF, RTAC, CPAA, and CTU have joined forces to call for a vote on this bill. Read more here. Act Now YOU can help move this bill forward by doing two things: 1. Contact President Cullerton and ask him to call the bill. Call or e-mail Illinois Senate President Cullerton and respectfully ask that he call HB3695 for a vote. This important legislation does not increase taxes and reinstates a guaranteed funding source for the Chicago Teachers' Pension Fund. Contact Information: 2. Contact your Illinois Senator to ask
him/her to vote yes on  House Bill 3695 when the bill is called. Look up your State Senator's contact information and send an e-mail directly from the Legislative Action Center. Click here for the Legislative Action Center Additional Information about HB 3695 |
