While still actively dedicated to educating Chicago’s students, you should be just as active in your retirement planning. Your retirement benefit is an important part of your future financial picture, and as an active member of CTPF, it’s important to understand your benefits in order to help plan for the future.
The Chicago Teachers’ Pension Fund (CTPF) is a defined benefit retirement plan which provides a lifetime retirement benefit to vested members who meet minimum age and service requirements. For detailed information about retirement benefits and eligibility requirements, download the information sheet.
The Illinois legislature adopted a different set of pension vesting requirements for CTPF members who join on or after January 1, 2011. Members who joined prior to this date are considered Tier 1. Members who join after January 1, 2011, are considered Tier 2.
Thinking about your future retirement? Your pension is an important part of your future retirement security. Chicago Teachers’ Pension Fund (CTPF) members enjoy a guaranteed pension for life, based on your tier level, final average salary, CTPF years of service, and a pension multiplier (currently 2.2% for service earned on July 1, 1998 or after). The calculator below can help you estimate your monthly CTPF pension income at retirement.
Every year in the fall, active CTPF members receive a Statement of Estimated Contributions and Benefits that summarizes the individual member’s contributions and service credit as reported by the employer(s) (CPS and/or Charter Schools) for the previous fiscal year (fiscal years run July 1-June 30).