June 24, 2015

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CPS Payment Update

SB 437 House Amendment Number 1, a measure which would have allowed the Chicago Board of Education to extend the due date of a $634 million pension payment from June 30 to August 10, 2015, failed in the Illinois House on a vote of 53-47 yesterday afternoon. The measure needed a three-fifths majority, (71 votes), to pass.

Representative Lou Lang (D-Chicago) has filed a motion to reconsider the bill, and Speaker Madigan has indicated that it will be called again during this session. The legislation introduced on June 23, 2015, by Barbara Flynn Currie (D-Chicago) passed out of the House Executive Committee that morning on a vote of of 8-2.

"For the Fund, this vote does not change the reality that we must meet our monthly obligation to pay the benefits that have been earned by our members," said CTPF Executive Director Charles A. Burbridge. "We hope that the Board of Education lives up to its obligations as well. Full payment is required by state statute, and is part of the promise that CPS makes to our members. Everyone needs to come together for the sake of our schools, not just in Chicago but across Illinois. Education funding is critical to all."

Click here for the roll call vote.

Pension Checks Not Impacted

Monthly benefit checks and direct deposits will continue as scheduled. Legislation which could delay a pension payment to CTPF will not change regularly scheduled payments for CTPF members. CTPF currently has more than $10 billion in assets and will continue to make regularly scheduled pension payments.

Click here for a pension payment schedule.

Additional Updates

CTPF will continue to update members on the status of the CPS payment and other news on our website: www.ctpf.org.

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

Bernie Eshoo, financial secretary
Raymond Wohl, recording secretary

Carlos M. Azcoitia
Jeffery Blackwell

Robert F. Bures

Tina Padilla

Walter E. Pilditch

Mary Sharon Reilly

Jerry Travlos

Charles A. Burbridge, 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.