July 15, 2015

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CTPF Legislative Update

SB 316, Amendment 2, Fails

Illinois Senate legislation would have reduced CTPF funding by $536 million over 2 years

CTPF Opposed Senate Bill 316, Amendment 2

Legislation which would have reduced the CPS contribution to CTPF by $536 million during the next two fiscal years failed to pass out of the Illinois Senate this afternoon. The final vote was 32 yes and 22 present. The legislation needed 36 votes to pass.

Click here to see the roll call vote.

CTPF opposed Illinois Senate Bill 316, Amendment 2. Note: Amendment 2 modified and replaced Amendment 1 which was filed last week by Senate President Cullerton. The bill required the State of Illinois to pick up the "normal cost" contributions for CTPF in FY 2016 and FY 2017, and included a State contribution for retiree health insurance, but reduced the CPS required contribution for FY 2016 and FY 2017 by $536 million. The legislation also extended the time CPS had to fully fund pensions by four years to 2063.

CTPF Thanks Members

"We want to thank our members who spoke out against this bill," said Charles A. Burbridge, CTPF executive director. "We cannot afford another pension 'holiday' and we appreciate our members willingness to reach out and share this message with their legislators."

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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

Jeffery Blackwell

Robert F. Bures

Tina Padilla

Mary Sharon Reilly

Walter E. Pilditch

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.