CPS and Chicago Teachers' Pension Fund Reach Mutual Agreement to End Discussions on a Proposed Pension Payment Schedule

The Chicago Public Schools (CPS) and the Chicago Teachers' Pension Fund (CTPF) announced on July 10, 2015,  that the organizations have reached a mutual agreement to end discussions on CPS's proposed Fiscal Year 2016 (FY16) pension payment schedule.

"In recent days, CPS and CTPF leadership have engaged in open, productive conversations regarding a potential modified payment arrangement," said CPS Interim CEO Jesse Ruiz. "After exploring various options and identifying potential benefits for both sides, we have mutually decided to end these discussions. CPS is committed to exploring all options on the table to resolve its structural deficit while working with its partners in Springfield on a solution to the District's significant financial challenges."

"After meeting for a number of open conversations regarding potential solutions to the District's cash-flow difficulties, we have come to the mutual conclusion that an agreement cannot be reached at this time," said CTPF Executive Director Charles A. Burbridge. "These conversations provided us with a constructive dialogue that clearly laid out each organization's needs. We have concluded that alternative options will need to be explored in order to resolve CPS's budget deficit while providing security for our members."