Established by the Illinois state legislature in 1895, the
Chicago Teachers’ Pension Fund (CTPF) manages assets for nearly
86,000 members and provides pension and health insurance benefits
to more than 28,000 current beneficiaries.

CTPF funds pensions through revenue returned on investments and
from four external sources:

• the Chicago Board of Education
• the State of Illinois
• a property tax levy
• member contributions

As of August 31, 2018, the CPS fiscal year 2018 required
contribution of $772.71 million has been paid in full. A
breakdown of the payment includes:

• $221.3 million from the State of Illinois for the fiscal year
  2018 normal cost requirement
• $426.0 million in property tax receipts
• $125.4 million from the Chicago Board of Education

The State of Illinois made its required contribution of $11.69
million.

Revenue from the property tax levy is remitted directly to CTPF
and credited against the CPS contribution. Additional revenue
received from the levy will be credited to the  CPS 2019
contribution.

Each pay period, CTPF members contribute a portion of their
salary to fund pensions. The required member contribution for
2018 is 9% of pensionable teacher salaries. As of August 31,
2018, members paid $158.6 million (CPS) and $21.3 million
(charter schools) for the 2018 fiscal year.

Financial Statements

CTPF is committed to fiscal transparency. Audited financial
statements and actuarial reports can be found in
the Comprehensive
Annual Financial Report.