7:59 p.m. the meeting adjourned. 

7:55 p.m. the meeting returned to open session

6:28 p.m. the Trustees are in executive session.

A meeting of the Finance and Audit Committee will be held Tuesday, June 22, 2021, at 4:30 p.m.

Due to the COVID-19 emergency, and in accordance with Public Act 101-0640, enacted June 12, 2020, this meeting is being conducted via audio/videoconferencing.

The meeting agenda has been posted in the BoardDocs meeting management system in accordance with the Open Meetings Act.

Join Zoom Meeting

https://ctpf.zoom.us/j/93170969722

The week of June 18, 2021, the Chicago Public Schools (CPS) began notifying Part Time teachers that they may receive a recalculation of their service credit due to changes in the way days worked are reported to CTPF.  

CTPF tracks service credit according to rules that are defined by Illinois statute which states: “When computing days of validated service, contributors shall receive one day of service credit for each day for which they are paid salary representing a partial or a full day of employment rendered to an Employer or the Board.” 

CPS has been reporting service credit differently, based on the number of scheduled hours worked  instead of a day-for-day method. This reporting method has led to members earning more than one day of service for a day physically worked. In order for the district to align with reporting rules and the pension code, they are going make corrections in order to report the days of service credit based on the number of days worked rather than scheduled hours.