In 1905, the Chicago Teachers' Pension Fund faced a crisis. There wasn't enough money coming in to pay for retirement benefits.

The president of the pension fund, Jane Addams - yes, the famous community organizer - turned to the Illinois General Assembly for help. A landmark law passed in 1907 required employees and employers to contribute to the fund and set up an elected pension board to oversee investments.

The retirement security that Addams protected for teachers is at risk again.

Pension holidays taken by Chicago Public Schools and approved by lawmakers have capsized the system and will cost taxpayers billions of dollars to correct. It's just the kind of action Addams sought to guard against more than 100 years ago.

We must protect our teachers and the taxpayers from these shortsighted decisions.

The first step: Stop talking about CPS declaring bankruptcy. That's a diversion from the real issues of education policy and funding. CPS bankruptcy - essentially allowing the state to insulate itself from the problem that it helped create - would be morally reprehensible. There are many parties responsible for this crisis. No one should be allowed to simply walk away.

The second step: Take three legislative actions to fix the system and prevent future funding failures. Those three actions are:

A century ago, Addams knew that for Chicago to thrive, teachers' pensions needed to be protected. If we are to thrive for the next century, that fundamental principle must never again be forgotten.